Yesterday a powerful bear rally is reached on the GBP / USD pair is finally exit from the bottom of its range 1.53/1.54 in which it evolved over several days. The movement led to the break of the medium term bullish slant (black line). The course seems now enroll in a short-term bearish channel (blue lines). The pair seems to start in a downtrend. Indeed, the movement seems to continue this morning.
We advise to trade only short positions (selling) as 1.53 is resistance. The breakout of 1.52 will give a new sell signal and the course should then move towards 1.5138 and 1.5029 in extension.
In case of return above 1.53, we advise you to stay flat (neutral) between this level and 1.5350.
ps: Traders with a more aggressive strategy can treat the pair according to 1.53 (long over; Short below).
