A couple of hours back I had mentioned here Quick look: GBP/USD awaits range breakout that GBP/USD has established range and now its a game of patience
Its time to short the buck. The bid wave seen in the NY session failed to even see the pair test the higher end of the channel/range.
This tells me the bearish RSI divergence noted yesterday must be flexing muscle and limiting gains.
Hence I shorted cable @ 1.4223 for target of 1.4178 – 1.4142 with stop just above 1.4240
This might be tight stop, but i prefer that way. It may be blown couple of times but one can always enter rather than get stuck!