GBP/USD Technical Strategy: Short at 1.5662, Targeting Below 1.5120
Floating Profit / Loss: +507 pips
We entered short GBPUSD at 1.5662. Prices put in a bearish Dark Cloud Cover candlestick on a retest of resistance marked by a falling trend line set from the January 2 swing high and the recently broken multi-year range bottom at the 1.53 figure. We will now add to the position, looking for the down trend to resume. Initial support is at 1.5120, the 23.6% Fibonacci expansion. The stop-loss has been adjusted to be trigger on a daily close above 1.53.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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