50% retracement: GBP/USD continued to slide after breaking below a rising trendline as noted in the previous GBP/USD update. Since the break last Friday, cable has edged lower until it hit 50% retracement of the 1.5267-1.6380 bull run from June 1 to  Jan. 2. Not only is this 50% of the half-year run, but also somewhat in the middle of a range that cable has been trapped in since  the middle of 2009. (Check your weekly charts to confirm this general statement of non-direction in the long-term). Double Top? There is a semblance of a double top being formed here. However, I don’t really like to call this a ... (full story)