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GBP/USD Short Triggered at Channel Top

Ilya Spivak

GBP/USD Technical Strategy: Short at 1.5536, Targeting Below 1.5385

Prices confirmed a Shooting Star candlestick below resistance at the top of a rising channel with a bearish close on the following day’s bar, hinting a reversal may be underway. We will enter short from here, initially targeting the 14.6% Fibonacci retracement at 1.5385. A stop-loss will be triggered on a daily close above 1.5606, the Shooting Star wick high.

Forex_Analysis_GBPUSD_Short_Triggered_at_Channel_Top_body_Picture_5.png, GBP/USD Short Triggered at Channel Top

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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