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Coleman: Cable signals lower direction

Despite an overall lack of volatility in the markets, Ian Coleman sees some potential in GBPUSD today. Yesterday was a Doji day signalling limited movement and the chart is now in a large downward channel formation offering a bearish bias. Lower intraday highs have formed a descending triangle formation. Normally Ian would be looking for a break at base of this formation at 1.6780, however there's been a correction count on one hour chart this morning.

So Ian is looking to sell at market

Stop: 1.6835 - above channel formation

Move to 1.6780, then move stop into entry level

Targets: 16750 and the measured move for the formation and prime target: 1.6720

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01:25 minutes
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