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GBPUSD: Short Entry Ahead?

GBPUSD: Short Entry Ahead?

2010-07-22 11:01:00
Ilya Spivak, Sr. Currency Strategist
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GBPUSD put in a bearish Dark Cloud Cover candlestick pattern below horizontal support-turned-resistance at 1.5529 and slid lower to test support at the intersection of a recently broken channel top established from Oct-Nov 2009 and the bottom of a shorter-term channel set from the lows in May (now in the 1.5130-40 region). A breakdown would present a selling opportunity with targets at 1.4781 and 1.4226 and I will look for a daily close below this juncture as confirmation to sell the pair.

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