GBP/USD: The market remains locked in a broader consolidation off of the April highs, and a fresh top is now sought out by 1.6600 in favor of the next downside extension back towards the recent range lows at 1.5780. Ultimately, only a daily close above 1.6550 would delay outlook and give reason for pause, while the latest daily close back under the 200-Day SMA should accelerate declines below 1.6000. In the interim, look for any intraday rallies to be well capped below 1.6250 on a daily close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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