GBPUSD Technical Analysis For 3 Dec 2015
03 December 2015, GBP/USD
GBP/USD is currently trading with a bearish bias. The pair went short, and even crossed below our significant green support trend line. As long as the pair trades within this trend line, we expected further downward movements. Should the price end up closing above the green trend line, then we expected the price to continue trading within the downward wedge formation. This pair is strongly positively correlated to GBP/HKD, GBP/CAD, and EUR/USD, thus they are expected to move in the same direction. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
As long as the price trades below the green support trend line, then short positions will be ideal for trading with stops, 1.4595.
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