British Pound Reacting to Negative Reversal Top

The combination of a break below a major 50% price at 1.6085 and lastweek’s close at 1.6188 has put downside pressure on the GBP USD.Political uncertainty also contributed to the break in the Pound.

The combination of a break below a major 50% price at 1.6085 and last week’s close at 1.6188 has put downside pressure on the GBP USD. Political uncertainty also contributed to the break in the Pound.

There was no surprise during the final hours of trading, so the reversal top is valid. Now all this market has to do to attract selling pressure next week to confirm this week’s closing price reversal down.
The minimum downside target of this developing break in the British Pound is 1.5530.