Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account


GBP/USD Short Triggered on Major Trend Line Break

By , Currency Strategist
06 February 2013 11:09 GMT

GBP/USD Technical Strategy: Short at 1.5662, Targeting 1.5440

Prices broke multi-year rising trend line support set from mid-January 2009, hinting a major bearish reversal is in progress. We will take a small short position here (1.5662), initially targeting 1.5440 and ultimately aiming for major horizontal support at 1.5296. A stop-loss will be activated on a daily close above 1.5878.

Forex_Analysis_GBPUSD_Short_Triggered_on_Major_Trend_Line_Break_body_Picture_1.png, GBP/USD Short Triggered on Major Trend Line Break

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

06 February 2013 11:09 GMT