GBP/USD: Sellers Set to Test Key Channel Support
Strategy: Pending Short
Prices are testing below horizontal support at 1.4781, with a break lower exposing the lower boundary of a falling channel developed over much of the last twelve months (now at 1.4274). A push below this boundary will expose the 1.40 figure and a major double bottom at 1.3731. While the bias seems to favor the bears, we do not see an attractive setup to enter short at present and will remain on the sidelines for now.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.