GBPUSD - Short opportunity and analysis

Another pair on my radar for this week is GBPUSD. As you can see we have broken previous structure and all other signs are also primed towards more downside. At least on the short-term side of things. I will be waiting for price action to reach the 'reaction zone', where we will wait for a reaction. Before I enter the trade I need to see some type of resistance at the 1.2462 level. There is a lot of interesting news coming out this week for GBP, tomorrow we have CPI figures coming and Wednesday we have Carney speaking of the Bank of England. I hope one of those fundamentals can be the driver that pushes up the price, or in case we make it to the zone before, the driver that pushes it downwards.

Once again it is a simple waiting game, we wait to see what price action does, we wait to see if it goes our way, we wait to see if it gives us our sell signal and we wait for it to hit stops or targets.

If you have any questions, please ask them, or if you want me to analyse a currency pair for you, let me know. Keep trading simple and I'll catch you next time.