GBPUSD fails on break above resistance
The GBPUSD rallied strongly off the low trendline support in the early London session, and moved above key resistance at the 1.6212-17 level. This break higher should have solicited additional buying interest in the pair. However, the break was quickly rejected and the price is now back below the key level.
This failed break should now solicit selling against the level with risk defined against the 1.6212-17 area. If the price moves back above this resistance area, the shorts will likely cover quickly. However the quick sell off on the break and the number of reasons for resistance at the area, should give pause to the bulls for the time being at least and a rotation back lower.
On the downside watch the 100 bar MA on the 5 minute chart for initial support at 1.6180









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