Strategy: Pending Short
GBPUSD was rejected lower following a test of psychologically significant resistance at the 1.60 figure, with prices finding initial support at 1.5584, the 23.6% Fibonacci retracement of the 5/20-8/6 upswing. As with the Euro, the magnitude of the reversal has made entering short at current levels unattractive from a risk/reward perspective and we will look for a corrective pullback to yield a selling opportunity. Initial resistance lines up at 1.5825.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
