Short GBPUSD at Market, Stop 1.5675
I've just gone short the GBPUSD as it breaks its multi-day lows, placing an order to sell at market (1.5560) with a stop at 1.5675. This trade was directly taken from the DailyFX PLUS Trading Signals Breakout2 system.
The primary justification behind the trade is the fact that the majority of traders has gone long the GBPUSD and our Speculative Sentiment Index shows there are 1.63 traders long for every one short. This is a fairly strong signal that the pair may continue lower, and indeed I like being short against recent highs. A target of multi-week lows near 1.5420 is within reach.
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