The GBP/USD attempted to break higher in yesterday's trading, topping out at 1.5577 and piercing the Weekly Pivot at 1.5553 The pair failed to reach the Monthly Pivot by only 5pips due to previous daily closes lining up as resistance at 1.5564. Although the pair is not part of the struggling European Union, the overall economic state of the EU weighs on the British Currency like an anchor at times. The pair has been trying to gain some bullish momentum as evidenced by the rate of fall of the EUR/USD in comparison, or at least slow the descent but has been unsuccessful. With the rejection of the higher prices, we can now expect a break lower with the most likely target being 1.5400 Support can be found at 1.5470 & 1.5430 on the way down with resistance above at 1.5524 and 1.5560. I am bearish on this pair as long as price is below 1.5570.
Happy Trading!