The British Pound has broken below support at a rising trend line established from the March swing low that we identified earlier this week. However, we see it as premature to enter short immediately with prices now back inside the 1.5960-1.6595 range that contained them from early May to late July. We will look to see how the pair behaves above the range bottom before moving in to sell it, opting to forego a better entry point for some added confirmation. Updates will be posted on the Candlestick forum.
Al Bawaba
