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Short

GBP/USD trades below 1.56 handle,decline till 1.5500 is possible

FX:GBPUSD   Pound Sterling/U.S. Dollar
398 1 11
GBP/USD             has broken the major resistance of 1.56700 and went up to 1.56885. It has made a false break out and started to fall from this level.

Intraday trend is till weak as long as resistance 1.5630 holds.

Cable pared its gain after FOMC meeting on Wednesday, with Fed kept the door open for rate hike in September.

Any break above 1.5630 will take the pair to next target at 1.5670/1.56885. On the downside major support is around 1.5580 and break below will drag the pair till 1.5525/1.5500.

Bearish invalidation only if it closes above 1.5670 level.

It is good to sell on rallies around 1.5595-98 with SL around 1.5630 for the TP of 1.5525/1.5485
My chart from yesterday if you get a chance to have a look let me know your thoughts

A short opportunity with a potential 3:1 risk reward


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