GBPUSD prepares for sell-off in case you missed the short on Eur

17 ביולי 2015

This pair was ranging near the end of June and broke down as we entered the trading month of July. After a recent rally, we are seeing a double top formation signalling that the buyers are no longer in control. The buying strength can be expected to be near over as this pair failed to break a new high. The range boundaries continue to serve as a resistance area and currently seems to be holding up. I entered short position prior to this week's market close as I strongly see a gap down on Sunday's market open. (It is a Sunday market open for in North America, but Monday for Europe...same thing).