Gbp/Usd-Signs of breaking down?

After a very strong rally of almost 600 pips in about less than 7 days, the Gbp/Usd has been having a very bullish period, buoyed by relative weakness of the USD as well. Gbp/Jpy has gone almost 1,300 pips, with less than 150 pips retracement, that was another spectacular move if you had caught it. I was having an amazing ride with usd/jpy myself, so i wasn’t quite “interested” in other trades as yet as i will be over exposing myself.

However, i have been interested in picking the bottom of this uptrend. I had tried earlier today and ended up hitting my stoploss, incurring -34 pips. I will want to pick this moment and i am further upbeat about this happening soon as i see the uptrend channel broken now. I have to be sure that this is indeed the start of a downtrend and not a minor correction before continuation of the uptrend. Fundamentally, this trade isn’t backed up as there isn’t negative biasness heading out of GBP as yet. Tomorrow’s official bank rate might offer that catalyst for this down slide, but we will have to see how the market reacts to this.

Start of a bear slide or just a correction?

This is the uptrend channel being broken. Will we see a breakdown or will it continue and trend upwards. Pls drop me your comments below;

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