GBPUSD: A Justified Short!

FX:GBPUSD   British Pound / U.S. Dollar
1619 63 19
The BoE indicated that a rate hike could come towards the end of the first quarter of 2015, or the beginning of the following quarter, dampening expectations of an early rate hike, and stressing that although the economy is improving a rate hike is still not justified, it would be, only if slack in the economy started to diminish and inflation starts to pick up. "Unless inflation expectations really start to take off, the BoE will judge that there is enough slack in the economy to keep rates on hold for a while yet," he said in a note.
I believe that a downside correction that is deeper is likely, as "weak longs" cover their position and could be a strong reason for profit taking on longs.

Technically, the price has completed a head and shoulders top over the four-hour chart, by breaking the key support area around 1.6820, I will be looking to short near that area if we witness the pullback, targeting 1.6700 and 1.6655 levels. Holding back above 1.6875 will probably force me to exit.

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Take a look at the GBPUSD daily chart analysis which I have published in the attached chart. Please do let me know your comments.
Good trades guyz, good thing never got shorting signal here .
ForceFollower Technician
Right, Technician. That's what the entry trigger setups are for.
Technician ForceFollower
Actually, I was going to short on a break below 1.6800, but price failed to .
JamesCorreia Technician
Took a loser on this one, on the plus side, I had a short trade on EURGBP aswell... Lost X on GBPUSD to profit twice as much on EURGBP (I always risk exactly the same amount per trade)

See you guys on the next setup

Best regards
Technician JamesCorreia
Good Spetz, wish you luck. See you on the next one
Today's spike high didn't took me out of the short position, almost 2 days in it now. I guess this trade should work out one way or the another tomorrow with BOE's Minutes and UK's retail sales. If that doesn't get the job done, then we have UK's GDP on thursday.

Best regards
ForceFollower JamesCorreia
I've taken profit @ 1.687. I could have let it run higher, but my strategy did not include that scenario. :)
gringerman ForceFollower
Cool. You mentioned 1.691 in one of your earlier comments. Should have held on to it
+1 Reply
ForceFollower gringerman
Yes, indeed. :) I'd been waiting for so long that I decided to go for the more conservative target. But I'm fine with what I've got. No regrets - I traded my strategy, target hit.
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