I am staying short of the pound as long as it remains below $1.563, says Matt Shaw at www.financialtrading.co.
My immediate target is $1.55, with a stop at $1.565. That said, sterling is already oversold and could snap back higher at some stage before too long. Were it to shoot up through my stop level, I would become a bull and buy in advance of a move to $1.5770, whereupon I’d seek a further reversal lower.
