GBP/USD Retreats From 1.5 Level

After poking its head above key resistance in the 1.5 region, price action on GBP/USD, a daily chart of which is shown, has retreated significantly. At this juncture, the tentative break above 1.5 can be considered a false break, and the current directional bias appears bearish. Dynamic support to the downside resides around the bottom border of the short-term parallel uptrend channel, which currently resides around 1.4700. Further to the downside, the 1.4580 region also serves as strong support. To the upside, the 1.5 region should continue to serve as key resistance going forward.

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