Cable Swing Trigger

The intraday GBP/USD has steadily trended lower as prices are in a distribution cycle on the daily chart.  This make the downtrend swing shorts on the 15, 30, 60, and 240 minute time frames a more viable trading environment.  The idea is to wait for bounces within the downtrend and short at key resistance levels.  Such a key level has developed on the 60 minute  chart with the formation of a Continuation Falling Wedge.  This downtrending pattern has a very low Initial Trend indicating that the correct bounce could stall at the top line of the pattern.  This exhaustion could be both a help and hindrance.  The low Initial Trend is ideal for the entry as the stall offers time to get the short sell at the downtrend line as long as it offers resistance. The alternative however is a transition to a sideways market which would make the downtrend line a trend reversal entry long.  If prices can find support above the 1.6100 level, the short term intraday trend could be broken.