Strategy: Flat
As we suspected, GBPUSD declined after putting in a Shooting Star candlestick below range resistance at 1.5709, taking out rising trend line support set from late September to test the range bottom at 1.5407. Congested positioning doesn’t offer a compelling trading opportunity at present and we will remain on the sidelines until a more attractive setup emerges.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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