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.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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