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Guest Commentary: 6 Reasons to be Short GBPUSD

Guest Commentary: 6 Reasons to be Short GBPUSD

Ed Matts, Technical Strategist

We remain confidently bearish and short Cable for a potential new downtrend.

Our confidence has increased even further since the reversal from the Quintuple confluence area.

Guest_Commentary_6_Reasons_to_be_Short_GBPUSD_body_Picture_5.png, Guest Commentary: 6 Reasons to be Short GBPUSD

This follows the end of a short rising wedge to a=e target 2) The end of a 5 wave rally from 1.5100 3) To the 5=1 target 4) Also the larger V=I target and therefore a 5) potential C leg to end a correction the exact equality of the two rallies from 1.4815.

Since this coincided with 6) top of consolidation we sold twice (1.5690, 1.5710).

We have been even more encouraged by the five wave trend sequence down to the initial 1.5570 target former high and 23.% retracement. So having retraced in a three wave correction to the approximate 50%. Cable has matched the previous price action again from June 19th 2013….

Guest_Commentary_6_Reasons_to_be_Short_GBPUSD_body_Picture_3.png, Guest Commentary: 6 Reasons to be Short GBPUSD

This projects a break down to 1.5480 equality of the two declines but with potential to the attack the pivotal 1.5420 1.5390 50-61.8% and current c=1.618a.

As 1.5640 should now cap stops should be safe above 15715 but only a rally through 1.5740 consolidation high extends to 1.5880.

For other market commentaries or videos go to and/or follow @EdMatts on Twitter.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.