GBP/USD: Despite the latest rally back above 1.6300, the market still remains locked in a broader downtrend off of the April highs, and a fresh lower top is now sought out somewhere ahead of 1.6550 ahead of the next downside extension back towards the recent range lows at 1.5780. Ultimately, only a break back above 1.6550 would delay bearish outlook and give reason for pause. Wednesday’s bearish formation certainly reaffirms these prospects, with the next lower top now potentially in place at 1.6440.
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