Chart of The Day: GBP/USD

GBP/USD has a history with the 200 dma capping rallies the last couple months. Mid and late April rejected the 200 dma and then overnight as well. What this means is any rally near the 1.2680 level should cap the rally as well. Knowing this, and all the resistance above at the 1.2800 level (78% Fibonacci retracement, 127% extension) I may feel better selling rallies at this point than buying dips near current levels.

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