GBP/USD: Sellers Clear Path to Key Channel Support
Strategy: Pending Short
GBPUSD has taken out horizontal support at 1.4781, exposing the lower boundary of a falling channel developed over much of the last twelve months (now at 1.4223). A push below this juncture paves the way toward the 1.40 figure and a major double bottom at 1.3731. While the bias clearly favors a bearish scenario, we do not see an attractive setup to enter short from a risk/reward perspective 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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.