GBPUSD Setting Up For Short Trade

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             has been in a downtrend over the past few days and clearly the hourly chart is following suit. As you can see there have been three corrective moves over the course of this downtrend. Each of these three corrective moves spanned 51 - 102 Pips.

When corrective moves are limited to less than 20% of the total move it is showing that sellers are in control. Again as you can see the biggest corrective move of 102 pips was 17% of the total move while the other two ranged from 8.5% - 11.3%. Sellers are obviously in control.

We will be waiting for another corrective move of between 51 - 102 Pips, currently having a short entry target of 1.52900 - 1.53250. This can very easily change if this pair sets a new low before giving us the corrective move we're looking for, with that said we are willing to adjust our short entry target if needed.

Targets will be 1.51750, 1.51000 and 1.50300. Our stop will be 1.54500.
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