FXstreet.com (Barcelona) – Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD came under increasing downside pressure yesterday and has sold off rapidly to the 200 day moving average at 1.5511.
“The reversal just ahead of the June peak at 1.5716 suggests an interim top is likely to be in place. HOWEVER for this to be confirmed it will have to fall through the mid-August low at 1.5424, which will place the spotlight on the 1.5395 channel support.”
“Intraday rallies should now remain capped by 1.5600/11 for GBP/USD to remain directly offered.”
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