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GBP/USD Short Trade Held Through Upswing

By , Currency Strategist
22 March 2013 13:40 GMT

GBP/USD Technical Strategy: Short at 1.5662, Targeting Below 1.4830

Floating Profit / Loss: +471 pips

We entered short GBPUSD at 1.5662. Prices recovered as expected after putting a Hammer candlestick. The pair is now testing resistance at 1.5187, the 23.6% Fibonacci retracement. A break higher targets a recently broken multi-year range bottom at 1.5296. We will continue to hold short for now, with 1.5296now set as our stop-loss level (on a daily closing basis). Initial support is at 1.5051, the 14.6% level, with a drop beneath that aiming for the March 12 low at 1.4830.

Forex_Analysis_GBPUSD_Short_Trade_Held_Through_Upswing_body_Picture_5.png, GBP/USD Short Trade Held Through Upswing

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 March 2013 13:40 GMT