The British Pound has added 3.61% against the US Dollar to date this month, but technical positioning suggests the upswing may be running out of stem. GBPUSD traded up to resistance at a downward-sloping trend line connecting major swing highs since late October and put in a bearish Star candlestick, hinting at the possibility of a forming top.
Near-term resistance is seen at 1.5096, the 23.6% Fibonacci retracement of the 10/20/08 - 12/31/08 decline. A daily close below this level conservatively targets 1.4650, the double bottom tested in mid-November and early December. A more ambitious target is 1.4350 at the most recent swing low.
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