glennhowell

GBPUSD In Trouble | 300 pips

Short
FX:GBPUSD   British Pound / U.S. Dollar
The bulls attempted to hold the 1.2300 level last week Tuesday and Wednesday. Their efforts can be seen in the pin-bar candle I've marked with the green arrow.
For a short while, it looked like a bullish victory, with price rallying last week Thursday.

But here we are a few sessions later and the bulls are in trouble.
Big trouble.

Yesterdays candle threatened the recent lows and moreover, managed to close near its low. If the bulls aren't able to defend 1.2300, what's next?

I like shorts down to 1.2000. I'll be looking to sell rallies on lower timeframes and as long as price remains below 1.2300, my bearish bias remains intact.
Order cancelled: Brexit kicked GU up right above 1.2300 - setup has been invalidated.

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