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Faraday: How low can Cable go?

Thomas Light from Faraday Research is looking to short GBPUSD, which appears set to go lower. He talks us through the trade using daily and weekly charts.

Thomas Light says: “If we take a look at the daily candle chart you’ll see that prices had been coiling within an ever-tightening trading range – forming a bear flag formation. Prices broke and closed below the flag on Thursday and this looks likely to spark a new trending phase lower. We will therefore be looking to short any retracement in order to join the emerging downtrend.”

Target for this trade is around GBP 1.4230.

00:50 minutes
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