Okay after some review I have come to the conclusion that I believe GBP/USD is in a wave 2 of a new downtrend. I took a shot going short @1.6614 with a stop @1.667 and a target @1.6505. In this wave 2 I believe it is in the C leg of the ABC retrace. I am looking for a large leg 3 to begin roughly around the 1.6640 level. I went ahead and took a trade short. The 20ema is below the 50ema and we might be developing some divergence on the 15 min. chart. What I did was trade 3 units. Once I get to my target I will take 2 off and leave the other one to run. If my trade plan is correct I will look to get shot again at the wave 5 begining. Probably won't try any wave 4 trade. I will watch and make my decision then. If I'm wrong in my direction then I will sit back and study harder to see where I went wrong. Note the divergence on the 1hour USD/CHF chart. Looks like an early signal for a retrace to the upside on this one. So what's that mean for the GBP/USD?