GBPUSD: Looking for Short Entry Setup
Strategy: Pending Short
GBPUSD continues to consolidate in a choppy range below resistance in the 1.59-1.60 area, with a Bearish Engulfing candlestick pattern and negative RSI divergence arguing in favor of a downside scenario. Risk/reward considerations ague against entering short for now with prices so close to support in the 1.5653-1.5709 area and we will remain on the sidelines for now until a more attractive setup presents itself.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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