GBPUSD Short Trade Setup

Currently price is touch the descending channel's upper trendline. This channel is constrained price since mid of September. 

GBPUSD Daily

Previously I went short GBPUSD at 1.6078 on touch of resistance area. See post [here].

My current strategy is to add another short on touch of channel's upper trendline. This area comes around 1.6135/40.


I am expecting that channel to hold for a possible move down to sub 1.6.


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GBPUSD Daily

Update on 18-Oct-12 at 03:23 GMT: Descending channel is restraining price very well. Yesterday's daily candle went above the channel's upper trendline but then it came down to close below the trendline.


I am expecting this channel to hold very well. 

Yesterday, I went short at 1.6137. 

So currently I am holding 2 shorts at 1.6078 and  1.6137. I am looking for a  possible move down towards the lower horizontal area.