GBP/USD SELL - 06/11/2017

The pound is trading in the level of support/lower limit of the global consolidation 1.3061 - 1.3090, where large volume is concentrated. So overall, the situation remains the same: the price is locked in the consolidation, but given the strong fall last week, we should give preference to short positions. We can open sales only after a confident and sharp breakdown of the support level. The move must be supported by increased/large volume to avoid any false breakouts. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 150 points.

The bottom line: short positions after the strong breakdown of the support.