The GBP/USD has been resilient, but the bull run since 1/27 Asian-European session could not clear the 1/26 high at 1.5733. After the US stock market opened at 9:30 AM EST, the GBP/USD started to turn around, and in the following hour candle is falling back toward the previous session’s lows. The strong price action suggests the market could be attempting a double top, with the base at 1.5660. If the 1.5660 level fails as support, the market opens up 1.5632, 50% retracement and 1.5608, 61.8% retracement. A return to these levels will be a test of a broken resistance as support. Below 1.56, we are in a more ... (full story)