We have recently discussed shorting the rallies on the pair to 1.64-1.6450 level. Everything materialized in our technicals and just confirming my targets to the downside again. The head-and-shoulders pattern is very vivid on the daily charts as well.
GBP/USD : short -to-medium term forecast:
The momentum has been on the downside and we have been shorting rallies since last week. As long as 1.6450 level holds, we will consider our higher probabilities on the short side. Only a close above 1.6450 will put us back in an uptrend. (more…)
That will be the level to take some profit off the table and lock in some profits ( make the remainder of the position risk – free with the Stop Loss put to entry . Provided the 1.70 – level gives , our next projected target is 1.6725. (more…)