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GBP/USD Short Position Size Increased

By , Currency Strategist
27 March 2013 04:17 GMT

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.

Forex_Analysis_GBPUSD_Short_Position_Size_Increased_body_Picture_5.png, GBP/USD Short Position Size Increased

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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27 March 2013 04:17 GMT