GBPUSD Drippity Drop? Bears Look Hungry.

GBPUSD fooled everyone into a bulltrap Jan 20th after making the move traders had been waiting for as the large wedge emerged . Price aggressively sold off from the 1.32 zone, double topped and didn't look back. We're now coming back to test the 1.305/.1307 zone & a short position would be appropriate. If the current zone doesn't hold, we're coming to check the previous top at 1.32 or even 1.327 again, at which point I'd be looking for shorts again.

DXY is now overextended to the downside and should see some relief this coming week.

There is lots of unsettled liquidity below with back to back multi hundred pip candles from October of 2019.

Targeting 1.274, 1.266 & 1.25.