GBPUSD Short Idea

GBPUSD has been in an uptrend so far in January after the continuation of the weakening Dollar. Our in-house short-term bias is now short as Cable has been unable to pass the recent high of 1.36426. Cable has also been setting lower lows, which in conjunction with the overbought levels on the RSI indicator, adds to our short bias. If GBPUSD is unable to surpass its recent high then it's likely for the trend to reverse and make a retest of around the 1.36 area. The stop-loss area for this analysis is located just above the recent high at 1.37.