GBP/USD: bulls faltering at 200 dma for highs of 1.4770 - BBH

Analysts at Brow Brothers Harriman explained that Sterling's upside momentum that carried it from $1.4445 at the start of the week to $1.4740 on May 26 faltered. 

Key Quotes:

"Sterling stalled in front of the month's high set on May 3 near $1.4770, which is also where the 200-day average is found. 

A bank holiday in the UK and the Memorial Day holiday in the US will make for a slow start to the new week. 

Sterling looks vulnerable to a deeper pullback that could extend toward $1.45 in the coming days and possibly a bit lower. 

There is some risk that a double top is in place.  To confirm it, the mid-May low near $1.4330 needs to be convincingly violated.  

If valid, the pattern would project a push toward $1.39."