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Commerzbank: GBP/USD is forming a top

Strategists at Commerzbank maintain a bearish view on GBP/USD as long as it holds below the $1.7205 resistance

They point to large divergence on the daily RSI that reflects buyers' weakness. Above $1.7205 there is another resistance at $1.7300/30. These levels are expected to cap the upside. 

Major support is seen at $1.7037 - this is the base line of the bearish reversal formation. Intraday rallies will be limited by the $1.7100/25 resistance. Medium-term target lies at $1.6880.

Chart. H4 GBP/USD


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