British Pound / US Dollar
The GBPUSD has found support from daily lows (end of May) and a line extended from the 4/28 and 5/18 lows. The structure of the decline from 1.6667 is not clear but I have been expecting a significant reversal as the rally from 1.3500 is viewed as wave 4 within the 5 wave decline from the 2007 high. Traders that are short may wish to take off some size given the structural support at the current level.
Al Bawaba
