My picks: Remain Short GBPUSD
Expertise: Global Macro, Classic Technical Analysis
Average Time Frame of Trades: 1 week - 6 months
I sold the pair at 1.6274. The down trend has started to accelerate, with prices breaking below resistance-turned-support at the upper boundary of a rising channel that had guided thep air since the lows in March and was broken to the upside in May. Prices must now challenge the psychologically important 1.60 level. I will continue to hold short, initially targeting 1.4990. A stop-loss will be activated on a daily close above the 06/03 wick high at 1.6667.
