GBP/USD - Daily close below 50-DMA would be bearish

Falling top formation and a breach of the rising trend line if followed by a daily close below the 50-DMA/Bollinger band average line would signal the rally from the low of 1.2108 has ended at 1.2615. The spot would then proceed lower to 1.2250 levels over the next few days.

On the higher side, only a daily close above 1.2557 (Mar 31 high) would revive bullish move.