The recent GBPUSD rally has turned at the confluence area comprised of the 61.8% Fib retrace, FE100 expansion level and 1.5820 previous support level. The FE100 area was also the “D” level from an ABCD pattern. Our last update highlighted this key technical level as an area to watch. GBPUSD has seen a decline over recent days that retraced to the midpoint of the gains it had printed from the 1.5000 round number area in May. We note that any further downside has the 1.5260 area 61.8% Fibonacci retrace aligned with a price pivot zone. Further to this the 1.5000 handle psych level is seen as a key area technical area of ... (full story)