GBP/USD: Finally starting to see signs of a medium-term top and potential 2012 high after the market has stalled and retreated from the 1.6300 area.

Current level - 1.6190

I continue to think, that the pattern above 1.6150 support area is corrective in nature, thus preceding a slide for a tight test of 1.6075 zone. Crucial on the upside remains 1.6240.

Current level - 1.6224

Although the pair is still struggling above 1.6190 support and the mentioned level is intact, my outlook is bearish, for a break below yesterday's low, towards 1.6070 major support area. Initial resistance on the upside is projected at 1.6250

GBP/USD: Although the market had been very well bid in recent sessions, the rally looks like it might finally be closer to stalling out in favor of a bearish resumption.