GBPUSD – Cable heading south

GBPUSD – Cable heading south

GBPUSDMAY27

GBP heading lower

Feel free to click the the chart above to get a closer look.

In the last 12 hours GBP has taken out it recent up trend and looks to be gaining motion for a good short position.

Confirmation that the sterling is definitely beginning a down trend will be when 1.6658 is taken. It's reasonable to begin shorting the cable just below this mark. The first target will be 1.6564, followed by 1.6458 and then 1.62715.

As the current entry point would see a large stop loss, it would be more prudent to take a smaller initial position and add to it at each target point and then bring your stop to the previous entry point.

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