GBPUSD appears to have posted a double top at the 1.2640 resistance and any violation beneath the 38.2% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2212, could confirm the pattern, shifting the bias back to bearish. In terms of momentum indicators, the MACD oscillator is endorsing the neutral outlook in the daily timeframe, while the RSI is approaching the horizontal 50 neutral level. Noteworthy, the price is trading within the 20- and 40-day simple moving averages (SMAs) and below the red Tenkan-sen and blue Kijun-sen lines. If the price rebounds on the 40-day SMA and the Ichimoku cloud, ... (full story)