GBPUSD makes a new high but backs off ...Middle East

From a technical perspective, failing to hold above the 50% midpoint and prior highs is a potential red flag for buyers. A reversal below these zones could prompt profit-taking or invite sellers back into the market.

Staying below 1.3770 keeps the top in place

A move under 1.3647 and 1.3631 (highs from yesterday and June 14) would be further confirmation

For now, while the pair isn't collapsing, the lack of conviction at new highs could make bulls cautious and give bears something to lean on.

This article was written by Greg Michalowski at www.forexlive.com.

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