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Faraday: How low can Cable go?

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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.