vlad.adrian
Short

GBPUSD - Double Top

FX:GBPUSD   British Pound/U.S. Dollar
425 0 8
The weekly chart of the pound does not look bearish , I think the pound is in the process of bottoming, however on a smaller time frame, a short looks attractive.

A simple pattern that usually delivers, a double top with a divergence and a false breakout. I believe that the dollar is about to soar again after a long consolidation/decline, depending on what pair is used for comparison.

Not too much to say about the chart, it speaks for itself. Stop well above 1.59 and I would use 1.52 as the first target. The pound is not that vulnerable, but my bet is that the dollar will be strong again. In case the strength of the dollar will resemble what we have seen in 2014, a second target is 1.46.
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