CitiFX Techs – Bearish outlook for Cable

GBPUSD appears to be turning lower off the top of its recent range and may head towards 1.5425 and possibly 1.5330 
·       GBPUSD posted a bearish outside day yesterday at the top of the recent range 
·       It now looks likely to head lower towards support at the bottom of the range at 1.5425 and potentially to the June low at 1.5330 
·       The UK-US relative curve spread (average of UK 2s, 5s and 10s minus average of US 2s, 5s and 10s) has been a good leading indicator in the past for turns in GBPUSD 
·       It has already negatively diverged from the GBPUSD price action suggesting the currency pair should already be heading lower


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