GBPUSD: Trend Line Break Sought to Short
Strategy: Pending Short
GBPUSD put in a bearish Three Inside Down candlestick pattern below range resistance at 1.5736 and dropped to challenge 1.5484, a horizontal barrier reinforced by a rising trend line set from the June 1 swing low. Risk/reward considerations argue against entering short with prices squarely at support and we will stand side for now, looking for a trend line break to yield selling opportunities.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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