GBP/USD: took profit on a long trade

I have closed my long in GBPUSD as the price hit my trailing stop after it failed to break above the 61.8% fibo resistance. The bearish pin from last Friday has already indicating a corrective downside. I still prefer the upside on this pair as long as we don’t see a lower low invalidating the 1.5400 support. The flat EMA on the 1d chart suggests that further consolidation may come in the next few days (note the FOMC meeting tomorrow).

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