GBP/USD:Possible Double Top on Daily Chart

The price is now testing the previous higher high with a possible double top and the pair may move to the 61.8% Fibonacci retracement level meeting old support. A break here opens the risk of a strong drop as we progress through the week. However, there is important data on the calendar from the US economy and investors may be sitting on their hands until then.
Looking forward, the UK Producer Price Index (PPI) details for January may entertain GBP/USD traders ahead of Thursday’s key US Q4 GDP and the next week’s Fed meeting.

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