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GBP/USD: sell on rallies

GBP/USD pushed higher on Tuesday, but was capped at $1.5135. With another set of positive US data expected to come this week and a neutral UK background we expect the pair to edge lower. Today US will release CB Consumer Confidence at 14:00 GMT (forecast – positive, good for USD).

We will be selling the pair at a market price with an initial target of $1.5015 (76.4% Fibo) and a stop at $1.5160 (slightly above the recent highs). A break below the $1.5000 psychological support will open the way to $1.4835. 

Chart. H4 GBP/USD

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