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GBP/USD Bounce to be Used to Add to Short

By , Currency Strategist
22 February 2013 13:15 GMT

GBP/USD Technical Strategy: Short at 1.5662, Targeting 1.5131

Floating Profit / Loss: +390 pips

We entered short GBPUSD at 1.5662. Prices have now surpassed our second objective at 1.5296. A Hammer candlestick above support at 1.5131, the 100% Fibonacci expansion, warns that a corrective bounce may be ahead. We will continue to hold short, treating an advance from here as an opportunity to add to our position. A move back above 1.53 exposes the 23.6% Fib retracement at 1.5416. The stop-loss has been revised to be triggered on a close above the breakeven point (1.5662).

Forex_Analysis_GBPUSD_Bounce_to_be_Used_to_Add_to_Short_body_Picture_5.png, GBP/USD Bounce to be Used to Add to Short

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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22 February 2013 13:15 GMT