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GBP / USD has been declining for the past three days and this afternoon, during the European session, hit 1.36700.
It happened amid weak data on US retail sales, which also led to the widespread strengthening of dollar.
More specifically, GBP / USD broke the support trendline, forming a bearish impulse labeled as wave "A". The pattern is directed towards 1.35700, which is a good target for investors.
Considering this, it is best to wait for a pullback before taking short positions.
In fact, since there is a three-wave pattern (ABC) where wave A represents the selling pressure in the market, investors can open short positions up to the 61.8% and 50% retracement level (from 1.36700-1.36900). Set stop loss at 1.38500, and then take profit on the breakdown of 1.35700.
This analysis is based on Price Action and Stop Hunting strategies.
Good luck and have a nice day!
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