Daily Forex Update: GBP/USD

The GBP/USD (also known as the "cable") is exhausting since prices could not press through resistance at 1.4750. The subsequent break lower though 1.4700 is further intraday confirmation of weakness in this pair, with prices on the daily chart pushing lower within an overall downtrend. The intraday bounce is setting up a rally on which the bears, by selling into the rally, have capitalized.