GBPUSD: Congestion Persists, Bias Bearish
Strategy: Pending Short
Prices put in a Bearish Engulfing candlestick pattern on a break through Rising Wedge support identified last week, but follow-through has been lacking as the pair treads water above resistance-turned-support at the neckline of a former inverse Head and Shoulders pattern. Negative RSI divergence argues for a bearish bias and we will continue to monitor positioning for an attractive selling opportunity.
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