• Tuesday's false break of prior YTD high (1.3044) signals topside exhaustion

• This is a warning for GBP/USD bulls given the risk of a reversal

• A false break occurs when a key level is breached but quickly reverses

• Thus, while it appears difficult to fight this recent dollar downtrend

• There are signs warning over chasing dollar lower from current levels

• For cable to negate the bull trap risk, a close above 1.3044-54 is required

• Near-term support at 1.30 (55HMA) and 1.2940-50

• Today's focus will be on NFP revisions. Though, Fed impact likely minimal

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