The GBP/USD recovery looks to be over after being capped below the “neckline” to the “double-top” at 1.2248, as well as exactly below the 38.2% retracement of the fall from late April at 1.2295/96, per Credit Suisse. FXStreet’s analyst Yohay Elam also sees more falls on the cable. Also see: UK Retail Sales miss estimates with -18.1% in April Key quotes “The market has now broken below 1.2186/74 to complete an intraday top for a move back to 1.2118, then 1.2076/67. A break here can target the 50% retracement of the rally from March at 1.2030, then the long-term uptrend from 1985 at 1.1993.” “A break above 1.2295/96 can see a test of the 55-day average, currently at 1.2316, but with a close above here needed to see the top negated and the trend turn neutral, which is not our base case.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB Meeting Accounts: ECB to stand ready to adjust PEPP, other tools in June FX Street 3 years The GBP/USD recovery looks to be over after being capped below the “neckline” to the “double-top” at 1.2248, as well as exactly below the 38.2% retracement of the fall from late April at 1.2295/96, per Credit Suisse. FXStreet’s analyst Yohay Elam also sees more falls on the cable. Also see: UK Retail Sales miss estimates with -18.1% in April Key quotes “The market has now broken below 1.2186/74 to complete an intraday top for a move back to 1.2118, then 1.2076/67. A break here can target the 50% retracement of the rally from March at 1.2030, then the long-term uptrend… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
