GBPUSD forming consolidation pattern before another leg down Short

British Pound/U.S. DollarFXCM

Description

⋅ Dec 18, 2014 9:09 PM

GBPUSD collapsed from 1.5790, earlier and lower than we expected. We see this market to range trade for the rest of the week before declining again below lows for 2014. Given bullish sentiment measured by COT report, this could be the last leg down.

USD (US Dollar)gbpusdshort gbpusdlong