Strategy: Pending Short
GBPUSD put in a bearish Evening Star candlestick pattern after briefly piercing the 1.60 figure and reversed lower, taking out the lower boundary of a Rising Wedge chart formation to expose the 23.6% Fibonacci expansion at 1.5771. Prices are now too close to support to make an entry short attractive from a risk/reward perspective and we will stand aside for now looking for a more attractive setup to present itself.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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