Forex technical analysis: GBPUSD below trendline/MA. More bearish.
Double top stalls the rally
The GBPUSD – like the EURUSD – moved higher to start the week but has reversed course after failing to extend above last week’s high at 1.5475. The high price stalled at 1.54705 (close enough for a double top). The move lower has done some technical damage to the downside that has helped neutralize the shorter term bias at least and put traders on a corrective path.