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GBP/USD backs off from first technical test

A little earlier this morning the move above 1.24 in the GBP/USD saw the pound come very close to breaking above a noted double top. The upper limited of that was at 1.2425 and it was also just in front of another potentially more important technical level, at 1.2435. The high seen earlier was set at 1.2424 and then it backed off to 1.2398. By the way, owing to the recent upward price action in the pound, the 200 day moving average is now at 1.2436. The GBP/USD is just now pressing higher again, currently trading at 1.2418
 

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