Aside from shorting just GBPUSD, I have also shorted the GBPJPY pair as well and here’s why.
I actually entered this trade before seeing the current bearish current day candle. We can see three successive bullish candles with small bodies and longer upper wicks. It is an indication that price traded high all three days, but closed only barely higher. As selling pressure still weighs in on this pair, I shorted it sometime yesterday. Today’s bearish candle provides an early indication that we can expect further selling for the days and weeks ahead.
One downside of shorting this pair is the negative interest swaps incurred. However, the long term movement should cover this cost.