GBPUSD: Remain Short as Prices Consolidate
I initially sold GBPUSD at 1.5765. Prices have been consolidating near the 1.50 level for much of this week with minor falling channel resistance now at 1.5050. A break above this juncture exposes 1.5275. I will remain short, seeing any move higher from here as corrective in the context of a larger down trend. The objective is now a break below 1.4781, the 03/01 wick low, with a stop-loss to be activated on a daily close above 1.5533.
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