The U.S. Dollar took a quick breather following a week long rally. Not a pair that I usually trade, but caught my attention with GBPUSD on a downtrend swing movement.
I am currently in a short entry on the next leg of a high probability downward pressure movement.
After a longer upper wick threatening to push through the 1.2478~ zone and failed, this pair is continuing to exert extensive selling pressure. Prices pushed up, but was quickly driven down with offer fills just a few hours back. As the London session opens in under 3 hours, volatility should pick up with continued downward pressure.