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GBP/USD Short Meets First Profit Target

By , Currency Strategist
14 May 2013 03:25 GMT

GBP/USD Technical Strategy: Short at 1.5536, Targeting Below 1.5195

Floating Profit / Loss: +220 pips

We entered short GBPUSD at 1.5533. Prices have now met our initial objective at 1.5385 and broken below support at the bottom of a rising channel set from mid-March. The next key downside barrier lines up in the 1.5195-1.5249 area, marked by the April 23 low and the 23.6% Fibonacci expansion. Risk/reward conditions argue against adding to the trade at current levels but we will remain short, looking for a drop through support to expose the 38.2% level at 1.5029. The stop-loss has been adjusted to the breakeven level.

Forex_Strategy_GBPUSD_Short_Meets_First_Profit_Target_body_Picture_5.png, GBP/USD Short Meets First Profit Target

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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14 May 2013 03:25 GMT