British Pound Testing Below Key Support Against US Dollar

We noted yesterday that the British Pound is hinting at a double top below the 1.50 level. Bearish cues are significant, with the pair showing a Spinning Top followed by a pair of progressively lower Hammer candlesticks. Prices are now testing below the last layer of support at 1.4680, a level that has market the tops of the previous two upswings. A daily close below this level will open the door to enter short, targeting the double bottom at 1.3731.