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GBP/USD rally stalls ahead of 1.2435

As noted here yesterday afternoon, the rally in the GBP/USD was unable to make it above the aforementioned 200 day moving average. That was in place then at 1.2435 and the high seen was set at 1.2428. Granted it did just surpass the double top on the daily charts, but in truth not in any kind of consequential way (by just 3 pips). The drop that followed saw the pound later close in the US at 1.2344 and it has fallen back further so far today. The 200 day moving average remains in place this morning at 1.2435. The GBP/USD is falling ever closer to the 1.23 handle and just below that price point we have potential support from the 50 day moving g average, in place now at 1.2294. The range seen so far today has been covered by 1.2312 to 1.2349 and it is not far removed from that session low, as I conclude this update 

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