GBPUSD: Consolidation Continues Near 1.50 Figure
Strategy: Short at 1.5765, Targeting 1.4781
Weekly Profit / Loss: -20 pips
Total Profit / Loss: +707 pips
We initially sold GBPUSD at 1.5765. Prices are little changed from last week, consolidating near the 1.50 level after breaking through the bottom of a falling channel established from the swing high in mid-November. An upswing from here is not out of the question, with initial resistance at the broken channel bottom (now at 1.5265). We see such an outcome as corrective however and will remain short, targeting the 03/01 wick low at 1.4781. A stop-loss will be activated on a daily close above 1.5533.
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