Strategy: Pending Short
GBPUSD has taken out resistance at 1.4877, the 50% Fibonacci retracement of the 04/15-05/20 downswing. From here, prices see resistance at 1.5031, 61.8% Fib reinforced by the upper boundary of a rising channel that has guided the pair higher since the mid-May swing low. A Shooting Star candlestick pattern has developed but a bearish close on the current candle is needed as confirmation. On balance, positioning remains bearish with the pair locked inside a longer-term falling channel established from mid-2009 and we will monitor price action for an attractive selling opportunity.
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