Looks like the impulse down was not complete and has extended further. I have updated the chart to show what I think is going on now. Still waiting for a Fibonacci pullback to short the pair.
I think the GBP is due for a spate of weakness. This coincides with my current trade long in the EUR/GBP. Cable has been confined to a clearly defined range, and is at present very close to the top of it. A short from near here offers a good risk/reward ratio.
Short GBP/USD at 1.655
Stop Loss: 1.664Target: 1.630
Edited 6.20 P.M. GMT + 10 Hours
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