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Kristian Kerr, Sr. Currency Strategist

GBP/USD broke down aggressively last week after failing near time and price symmetry around 1.5500. The weekly close under 1.5100 has triggered a broader potential topping pattern that suggests the primary downtrend is indeed trying to reassert itself. Friday’s close occurred right near Gann support in the 1.5050 area and this looks to be a near-term downside pivot for Cable in that a daily close below this level would signal that a new leg down is unfolding. Traction over the late October low around 1.5245 would force a bearish rethink.

Short Cable from around 1.5450. Took profit on half position near 1.5320 (2x initial risk). Lowered stop to 1.5245 (closing basis) on remainder.

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