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Elliot_Myers
May 22, 2016 7:49 PM

GBP/USD Trade Set Up 

British Pound/U.S. DollarFXCM

Description

Daily trend line resisted a move to the upside and Friday's candle is very bearish - price action is in a wider bearish move adding weight to further downside potential.

As price has broken one weekly resistance (blue line) expect a test of another weekly level (arrow).

Upside potential remains with pricing in a short term up-trend, potential correction Monday with scope to sell on exhausted buying in the US/UK cross over - or to switch to short term buying - be alert.

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