GBPUSD is looking particularly appealing for a short trade this week. We’ve come off a key long-term trendline, broken a shorter-term trendline, and if that wasn’t enough conviction for you – we currently have a potential long-term double-top pattern in play. The recent rejections of 1.3700 (although not perfect), produced a longer-term double-top. From there, we’ve not only broken the trendline but the most recent top is a rejection of the 0.786 fib – a key identifier for a double-top pattern to work out.
When the market opens, we will be looking for a short opportunity on GBPUSD.
Update 22-Jan
Placing into archive. This, similar to EU, took a pathetic attempt and breaking down, but found more bullish strength.
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