My previous GBP/USD signal on 8th May was not triggered as none of the key support or resistance levels were reached during the day\u2019s London session.
May that the technical picture looked strongly bullish, with the British Pound having risen against the Dollar for many consecutive weeks and showing no sign of stopping.
The technical picture remains bullish over the long-term, but has become more bearish over the short-term, as price action suggests that the price is topping out from recent highs above $1.2650. This bearishness is reinforced by the printing of a new lower stairstep resistance level, at $1.2645.Technical analysis will not be as important when we get the release of US CPI data.
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