GBPUSD: Short Position Taken on Break Below 1.58
Strategy: Short at 1.5765, Targeting 1.5291
Two weeks ago, we identified an Evening Star bearish reversal candlestick formation at the top of a rising channel that had been guiding the pair higher from December’s swing low. Prices have now taken out the channel bottom as well as issued a daily close below the 1.5800 figure, a major support in place since May 2009. We will enter short from here, initially targeting 1.5291. A stop-loss will be activated on a daily close above 1.6000.
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