tradeforaliving
Short

Nimble short on GBP/USD

FX:GBPUSD   British Pound/U.S. Dollar
213 2 1
The Pound rallied against the dollar last week and reached resistance, that move was not supported by fundamentals and as a consequence the trade ran out of steam. I cannot exclude another attempt to break this resistance but the dollar has been weak for a while now and the risk/reward for a bearish pound is too good not to be considered. Be nimble until we break the 1.54 support, after which I would feel more comfortable shorting the pound.
Check out this post on my blog:
http://profitableinforex.blogspot.ie/2013/08/gbpusd-forecast-from-12th-to-16th-of.html
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