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GBP/USD: Pre-breakout formation? - 2ndSkies

FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, GBP/USD price action suggests that a break of yearly lows may be imminent.

Key Quotes

"After forming a really weak price action corrective pullback over the last two days, the Cable has pinged off the 4hr 20 EMA and dynamic resistance before losing all the gains over the last 1.5 days. The pair looks like it really wants to break the yearly lows, and head lower as bulls have mounted virtually no push-back."

"I'll consider a breakout pullback once the yearly lows are cleared, but am open to selling on a pre-breakout squeeze if we can get that formation after more candles. Only a daily close above 1.5750 relieves the downside pressure. Targets for bears are 1.55 and 1.51.

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