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Coleman: Cable signals lower direction

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June 10, 2014 currencies, currency, currency cross, currency markets, currency pairs, currency trading, forex, forex 2014, forex 2014 outlook, forex and more, forex buying, forex eurusd, forex exchange, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex trade idea, forex trading, forex trading 2014, forexforex, forextrading, fx, fx award, fx crosses, fx forex, fx interbank markets, fx investing, fx market, fx markets, fx options, fx spot, fx strategy, fx trade, fx trade idea, fx traders, fx trading, fx volatility, fxfx, fxmarkets, fxmonthly, fxoptions, fxspot, fxtrade, gbp, gbp falling, gbp trading, gbp trading 2014, gbp usd, gbp weakening, gbpusd, gfx, saxo tv, saxotv, trading, tradingfloor, tradingfloor.com
Despite an overall lack of volatility in the markets, Ian Coleman sees some potential in GBPUSD today. Yesterday was a Doji day signalling limited movement and the chart is now in a large downward channel formation offering a bearish bias. Lower intraday highs have formed a descending triangle formation. Normally Ian would be looking for a break at base of this formation at 1.6780, however there's been a correction count on one hour chart this morning.  
So Ian is looking to sell at market 
Stop: 1.6835 - above channel formation
.
Move to 1.6780, then move stop into entry level  
Targets: 16750 and the measured move for the formation and prime target: 1.6720  

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