I maintain a bearish GBPUSD bias. “The rally from 14780 consists of two 3 leg advances; a double 3 complex correction.” Since price has now dropped below both its short term channel and 15190, it is likely that the sharp rally to 15500 was a second wave. 15290-15320 is resistance. 14950-15000 is the next potential [...]

Waiting for a break below the 20-Day SMA at 1.5340 for a GBP/USD short proved prudent as the pair would see extended losses below the technical level. Broader concerns on the sovereign debt downgrades in forex.com/category/euro/”title=”euro” >Europe led to a flight to safety which would see the [...]