• Picture doesn't look so bright for the Sterling • Odds are turning in favor of the bears for the following reasons: 1: The Ascending parallel channel has been broken for the first time today 2: Recent rally failed to print a new high above the previous one at 1.2540 and a potential double top is being formed 3: Bears are approaching the double top neckline at 1.2340 (April 10 low) and a break of that level exposes lower prices 4: US strength doesn't seem to be fading soon, adding pressure on the pair • Long term, picture is still neutral to bullish as long as we are trading above the ascending trend line drawn from the October all time low