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Coleman: Cable losses to extend

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Ian Coleman believes bearish signals in GBPUSD will lead to further losses despite three days of net gains.

The rally stalled at bespoke resistance at 1.5260. Continued downward momentum from 1.5265 resulted in the pair posting net daily losses yesterday. Ian notes that: "The Marabuzo resistance is located at 1.5245 half net gains from 1.5446 to 1.5045 and we closed below. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.5195, resulting in improved risk/reward."
 
6 hour chart posted an Outside Bar, 4 and 2 hour chart, Doji candles (from the high)
 
Sell at 1.5195 

Stop:1.5225
 
Targets: 1.5140 and 1.5060.