By: Doug Rosen
The GBP/USD is tanking just like all the major pairs. On the daily time frame we are at fib levels to the upside and such fib levels may in fact cause bounces that could very well give up opportunities to short this pair.
On the 4 hour time frame this pair is perfectly riding the 5 ema down and I do believe 1.5718 could cause a bounce that will enable a short entry.
Price has just broken the weekly S2 at 1.5764 and it overlaps with the 5 ema so this area could be a good area to get into the trade. Price has already broken below the S1 daily pivot at 1.5767 so I would watch for price to fall down to the daily M1 pivot at 1.5742 where I would expect a bounce then an opportunity to take a short.
