• Underlying bull run from the 1.2100 Jan 13 low beginning to look fragile

• A potential key day reversal on the cards Monday

• Reversal = a higher high, lower low and close below previous close

• We have preempted the bear signal with a short at market

• We target the Feb 10 low at 1.2333 with a stop at 1.2735

• A close above the 100DMA, 1.2645 would be a concern

• GBP/USD trader GBP/USD Trader: [page:2338]
GBP/USD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own.)