Despite rebounding to an intra-day high of 1.6558, the British pound has retreated after failing to retest resistance at 1.6587, suggesting further consolidation below this level would take place and another corrective decline to 1.6382 is likely, however, only break of 1.6295-1.6311 would confirm top has been formed and bring further decline towards 1.6266 support later.
In view of this, we are turning short on recovery but one should book profit when price approaches 1.6382 support. Above 1.6587 resistance would indicate the rise from 1.5983 has once again resumed, then headway to 1.6620/30 would follow but upside should be limited to 1.6650/60.
GBP/USD - 1.6452
Most recent candlesticks pattern : N/A
Trend : Sideways
Original Strategy : Buy at 1.6420, Target: 1.6560, Stop: 1.6370
New strategy : Sell at 1.6530, Target: 1.6400, Stop: 1.6590
![[Most Recent USD from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sm8NtBahe8DLmuC1mCHcB7fraC8o0L_nnifwiWZoTQBOcgh1tnEBjNOSeNRKkGGIEqDTHUnP1EMuycaBhJ9d02p6yI7HSjjYGd5m-VSu8-mBAjSMc2h9fC=s0-d)
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