The GBP/USD is doing one of two things right now:

• It’s going to keep moving down as it has been, or
• It is in the very beginning of the process of reversing to the 1.5905 to 1.5985 area

I wish I could be more precise at this time and be able to give a definite trade long to that area, but there are a couple of things going on which prevent me from being able to make that recommendation and forecast. Therefore, this is a very cautious warning of a potential GBP/USD reversal to target the area of 1.5905 to 1.5985. The price is currently at 1.5660; therefore, that would be a potential 240 to 320 pip trade over the next couple of weeks.

LattePIPs is still overall short on the GBP/USD over the next couple of months; however, this would simply be a potential corrective move back up to that area before it continues its way further down.

Happy trading,

LattePIPs!