The currency pair GBP/USD has been in a strong uptrend since the beginning of December. Corrections are short and time-depending and the 50-period Zig Zag is almost 600 pips long. The price is already in the zone of strong Resistance from the large timeframes and STS_RSI_MTF_Indicator is currently showing an overbought condition from H1 to Weekly. Our STS_ATR_Distance_Indicator shows that since the beginning of the Week the price has passed 113% of its Weekly ATR (Average Weekly Movement for the last 6 Weeks).
We presume there is a high probability for the price to make a deeper correction and therefore we loaded our STS_Zig_Zag_Bot to open short positions on each H4 candle in which there is a value for ZIG ZAG - 50 periods (the highest point for the last 50 H4 candle). The Bot has for target a descending 50-period ZIG ZAG and will close all open short positions on reverse ZIG ZAG 50.
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