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Coleman: An Either-Or trade in GBPUSD

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Ian Coleman from First 4 Trading is expecting furtherweakness in the US Dollar. The GBPUSD currency pair saw a slight reversal onWednesday after two previous up days. The reversal left the previous day’sMarabuzo line intact at USD 1.5125. Furthermore, a Reverse Head and Shoulderspattern is forming on the four hour chart.

With this pattern forming in GBPUSD, Ian is looking to placean Either-Or trade. He is planning on buying at the market open and eitherincreasing his position on a move to USD 1.5090 or a break to USD 1.5231. Thetarget for the trade is USD 1.5490. A stop can be placed around USD 1.5070.

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