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Short

GBPUSD Potential Short Signal

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             has been extremely bearish since the latter months of 2014 and traders all too ofter overlook the overall market trend because the market enters into a corrective phase which confuses people. Of late, we are attempting to break-out of this corrective phase to the downside, which already presented a nice short set up as seen in our previous analysis:
GBPUSD Potential Short Signal

We are looking for a similar move on a break below this new blue up trend line on the hourly chart, however we will need to see confluence from our price action forecasting algorithm predicting a move to the downside with a chance performance prediction rate of at least 85%. Currently our algorithm is predicting continued movement to the upside with a chance performance prediction of 83%, but we will continue to monitor price action and our algorithm updates to see if we get a shorting opportunity on this pair.

Please see the link below for an image of our algorithm's forecast for this pair:
http://i.imgur.com/bxHtwSD.png

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