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GBPUSD: Bearish Turn Hinted Below 1.58

By , Currency Strategist
14 October 2011 04:07 GMT

Strategy: Pending Short

GBPUSD put in a bearish Hammer candlestick below resistance at 1.5778, the July 12 low, hinting a reversal lower is ahead. We will wait for confirmation of the turn on a daily close below 1.5661, the midpoint of the October 12 candle, to actively look for selling opportunities.

GBPUSD_Bearish_Turn_Hinted_Below_1.58_body_Picture_5.png, GBPUSD: Bearish Turn Hinted Below 1.58

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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14 October 2011 04:07 GMT