Forex Flash: GBP/USD time to short – RBS

FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, "As the GBPUSD sits at the top of its recent ranges we think this is a good place to be short the pair; the downside target level is the previous low at 1.5840. We have seen false breaks in the GBPUSD bearish channel before, most recently on the first of November."

"When that occurred there was a bearish reversal doji pattern. Yesterday's candle pattern was a hammer rather than a doji, whilst not as clear as the doji, it is a reversal pattern nonetheless. As such, we recommend stop on a close above yesterday's 1.6080 level and target 1.5916 onto 1.5840." Moore suggests.