szventures
Short

GBPUSD SHORT IDEA

FX:GBPUSD   British Pound/U.S. Dollar
In GBP/USD             , sz-ventures notes that it is testing strong resistance in the 1.7140-1.7180 range and this resistance was very pivotal into the October 1998 peak.
"It is worth noting that the high so far on GBPUSD             has been 1.7177 in this move higher. The high of the trend into the October 1998 peak after a rally from a 1.48 “handle” in 1996 was 1.7178. This move began off a 1.4814 low in July last year,"
While this 1.7140-1.7180 range holds (Weekly close basis) our bias would be that a top is being put in like in 1998. A weekly close above 1.7180 would question this assertion and suggest further GBP gains could be likely,"

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