GBP/USD
Strategy: Short at 1.6648, Targeting 1.6132
Weekly Profit / Loss: +211 pips
Total Profit / Loss: +379 pips
We sold GBPUSD at 1.6648 as prices put in a bearish Evening Doji Star candlestick pattern with added confirmation in negative RSI divergence and a daily close below support at a rising trend line set from October's swing low. This week, prices hit our preliminary soft target at 1.6260, breaking past the bottom of a minor falling channel that had guided the initial move lower. At this point, we will revise stop-loss to the break-even point at 1.6648 and look for a decline to 1.6132 as the next soft target level.
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