Short-Term Trading Idea – Short GBP/USD

Short below the uptrend line around 1.2600 for 1.2560 with a stop above 1.2620.

GBP/USD has formed a Double Top chart pattern and has broken below the neckline. The target is at 1.2560. There was also a bearish divergence warning from MACD when price was forming the Double Top chart pattern. Price has also broken below a uptrend line. MACD is moving into the bearish zone and Stochastic is declining. Both momentum indicators are hinting of more price declines ahead.

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