The GBP/USD pared the advance from the previous day and triggered my sell entry from 1.5438, and I am certainly in-the-money at the moment as the exchange rate slips to a low of 1.5355. As the pound-dollar slips back below the 50 and 200-Day simple moving averages and maintains the downward trending channel, I expect price action to trend lower over the near-term as it retraces the advance from June. Accordingly, I will look to maintain the position going into Friday as the highly anticipated Non-Farms payroll report for the U.S. is expected to show a 100K drop in employment, and will look for a test of the 100-Day SMA at 1.5130, with the stop at 1.5575.
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