Last Friday, GBP/USD had consolidation range between 1.5646 - 1.5725.
Our view for the pair is still bearish as we we had strong bearish reaction after hiting the resistance level at 1.5770 & the pair formed a Head & Shoulders reversal pattern manifested more clearly on the 1H chart.
On Friday, we suggested SELLING the pair after closure below 1.5645 targetting 1.5605 then 1.5555 then the pair made the breakout and recorded a low at 1.5582 that quite didn't reach the 2nd TP level for our position.
Now the pair is approaching the lower limit of the broken consolidation range at 1.5646 which is also the neckline of the confirmed Head & Shoulders reversal pattern.
This indicates another short entry at 1.5646 with TP at 1.5605,1.5555 then 1.5505 & SL should be 4H closure above 1.5700.
