LFX
Short

GBP/USD - SHORT POSITION

FX:GBPUSD   British Pound/U.S. Dollar
137 0 3
MONTHLY:
- WE ARE IN A LONG TERM DOWNTREND AFTER COMING OUT OF YEARS OF SIDEWAYS TRADING IN A LARGE RANGE
- CURRENTLY SITTING AT A LEVEL THAT IS CREATING A LONG TERM TRIPLE BOTTOM
- EMAS ARE STRONGLY BEARISH , PRICE WELL UNDER BOTH THE 50EMA AND 200EMA
- JANUARYS CANDLE WAS MAKING BEARISH PROGRESS
- FEBRUARY HAS CLOSED UP AS A BEARISH SHOOTING STAR WITH A GOOD CLOSE

WEEKLY:
- LARGE WEEKLY FIBONACCI WAS REJECTED AT THE 50% LEVEL WHICH WAS IN LINE WITH A FANTASTIC 200EMA BOUNCE
- WE ARE IN A STRONG DOWNTREND MAKING LH'S AND LL'S, DUE A LOWER HIGH NEXT
- PRIOR WEEKLY HEAD AND SHOULDERS PATTERN HAS BEEN COMPLETED
- EMAS ARE FIRMLY BEARISH AND PRICE IS VERY FAR UNDERNEATH BOTH EMAS

DAILY:
- LARGER FIBONACCI HIT 50% WITH AN EVENING STAR AND HAS ALMOST BEEN COMPLETED
- SMALLER FIBONACCI NOW EXPECTING A GOOD 50% RETRACEMENT IN LINE WITH OTHER CONFLUENCES
- PRICE MAKING LH'S AND LL'S AND DUE A SMALLER LOWER HIGH IN LINE WITH FIB BEFORE CONTINUING DOWN
- EMAS ARE BEARISH AND WE COULD BE ON OUR WAY TO A GOOD STRONG 50EMA BOUNCE OVER THE NEXT COUPLE OF WEEKS

WAITING FOR:
- DAILY CANDLE CLOSE
- COULD THEN TAKE A SHORT TO 1.3750 AS T1 AND 1.3600 AS T2
- STOP LOSS ABNOVE 1.4300
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