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GBP/USD Topping Suspicions Finally Starting To Play Out?

GBP/USD Topping Suspicions Finally Starting To Play Out?

Kristian Kerr, Sr. Currency Strategist

My short position in GBP/USD has played out nicely thus far. Last week I was looking to sell the pair on strength against 1.5510 on the suspicion that it has been forming some sort of topping pattern these past few months. Today’s break under last week’s lows further validates this suspicion and also triggers a minor double top that projects a potential move towards 1.5000. The bigger picture level of importance for me remains the October low around 1.5100, with weakness below there really needed to confirm that the broader decline is indeed resuming. Back through 1.5445 would force a re-think.

Short Cable from around 1.5450. Took profit on half position near 1.5320 (2X initial risk). Lowered stop to breakeven on remainder.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.