GBP/USD Short Trade Potential Double Top 4/13 Update

We have entered short on GBP/USD on 4/09 and are looking for continuation and a possible double top. There is a nice Doji and a confirmation candle on 4/10 which should lead to further GBP losses.

The BOE is expected to hold rates unchanged for the year of 2014 and the economic outlook doesn’t look to change that forecast. We will be watching the GBP/USD reaction to upcoming round of US and UK CPI data this week to determine whether or not to hold onto the trade.

2014-04-13 22.47.14

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