Chartster
Short

GBPUSD Short set-up

FX:GBPUSD   British Pound/U.S. Dollar
Here's a little FX chart ;)

Price is heading to weekly support turned resistance, it struggled to reach 1.59 indicating the momentum's dwindling.
After hitting T1 @ 1.57 we saw a sharp decline back under 1.55.
Price has now posted a Lower high, Lower Low situation.
If Price is rejected at 1.55 as expected this will be another Lower High and we will have a high probability of seeing a Lower Low. For this reason I'm targeting 1.5 given we get nice PA at the 1.55.

For added confluence the WEEKLY MA is near a crossover to the downside.
Daily is to the downside.
Strong fib levels at 1.55.

Thanks.
Happy Trading,
Chartster
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