GBPUSD Summary & Trade Setup

9 mar 2016GBPUSD

Early last month it became clear that the GBPUSD was taking heavy resistance from the 2015 lows but also from the bottom half of a trend channel that lasted several months. It now appears that it's also starting to form a descending wedge formation.

With this in mind I'll be looking to take shorts while we remain below the 1.46 - 1.44 region but will be conservative with my lot sizes until we break this near term formation.