The GBP/USD breaking from its range led me into a short position at the lower bound at 1.5500. A failed test of the 50-Day SMA at 1.5354 led me to book profits. Currently the pair is finding support as the recent flight to safety is being viewed as overdone, opening the door for a test of resistance at the 20-Day SMA at 1.5686. I would need to see a break above the technical indicator to consider a bullish position. I will consider getting short with a failed test and look to add to my position with an ultimate break of the 50 period indicator.
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