As per my last GBP/USD
analysis my resistance level
was 1.550 where we would see sellers step back in and move the market down. We have now formed a bearish engulfing
bar on the daily candle and price should continue to move down from this point on. We may see a short pull back into the engulfing
bar (50%) or even a re-test of the 1.550 level but for the time being this pair is still bearish
and I am short.