BEARISH TRIGGERS ON GBPUSD, TIME TO SHORT?

Since July 21st, the Pound Sterling has gained positive traction skyrocketing or soaring over 400 pips from 1.3570. A move I'd best describe as a technical price correction on its impulse leg (from points a to b). Capped around 1.4000 which serves as a major daily resistance in confluence with the 61.8 taking of the fib retracement, the Pound Sterling is better poised to plummet from here on.

Target 1 is set at 1.3750, should the market find support at that level, then there is a possibility of the market forming a reversed Head and shoulder pattern for a move higher. Elsewhere target 2 is set at support 2 @1.3570.

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