GBP/USD Stalled at 200-day Moving Average
GBP/USD has rejected after the breach of the 1.5883 swing high stalled close to the the 200 day moving average at 1.5935.
Still, while 1.5730/1.5789 holds the risk is seen for an attack on psychological 1.6000 then overhead resistance at 1.6096/1.6167 as the 1.5235 swing extends.
Loss of 1.5730 would suggest completion of a top pattern, calling for a deeper correction of the 1.5235 advance back towards former resistance at 1.5670 and possibly 1.5533 before a base can form for fresh gains.
Settling below 1.5500 would suggest that the 1.5235 rally was a completed bear market bounce, shifting odds in favour of an attack on the 1.5235 swing low.