Last week I wrote about the GBPUSD trading in a very clear short term range, and I was waiting for it to break either extreme level to start looking for trade opportunities. Well, last Friday it broke the bottom of the range, and this breakout triggered a bearish market condition. And of course, I will be looking for short opportunities on the Pound-dollar. Here is the hourly chart:
And guess what? The next LT support is at 1.5345, around 500 pips away from where it is currently trading.