Sterling/dollar is headed for a bit more weakness, followed by a bounce, says Matt Shaw at www.financialtrading.co.
Specifically, I am looking for a dip to the lows around $1.4990, followed by a sharp burst upwards to the 20-day exponential moving average, currently $1.5222. I'd buy a rally off $1.4990 and possibly add to my position on a rally through $1.51.