GBPUSD is currently trading with a bearish bias. During the previous trading day on 19th August 2016 , our stop got hit when the price closed below $1.3115, following the breakout below $1.3077, we expect further movements to the lower side with our ideal target at $1.2997 or even lower. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Now is the most opportune time to go short with targets at $1.3046 and the next target at $1.2997.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.