SamKent
Short

GBP/USD Trendline+Stochastic technical short

FX:GBPUSD   British Pound / U.S. Dollar
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Fundamentally, we're looking to short this market in the short term, as the pound is weak overall and the dollar is still maintaining some of its strength. This kind of technical situation is our chance to rejoin the overall trend, with a trendline resistance backed by a slow stochastic cross back from overbought in a downwards market.
Yes that seems like a good plan
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Where is your target? 1.54 area ?
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I think there's significant support around the1.572 handle, and the fundamentals aren't decisive by any means as there are disappointing figures coming from the US as well. Therefore, I'd probably look for an exit around the 1.575 area, as well as follow price action and momentum, exiting on a stochastic oversold cross back would also make sense to me.
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