I initially sold GBPUSD at 1.5765. Last week, prices took out support at the bottom of a falling channel established from the swing high in mid-November and met my initial objective at 1.5291. Bearish momentum has since intensified and now the pair is trading well below my revised the soft target at the 1.50 figure, although a daily close below it has not materialized as of yet. I will hold off on further revisions to the trade for now, but will certainly remain short and looking to update the objective toward the 1.4650 area if a clear daily break through 1.50 is confirmed. A stop-loss remains at the break-even level (1.5765).
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