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GBP/USD Short Held as Prices Clear Second Target

By , Currency Strategist
23 May 2013 02:39 GMT

GBP/USD Technical Strategy: Short at 1.5536, Targeting Below 1.5029

Floating Profit / Loss: +512 pips

We entered short GBPUSD at 1.5533. Prices have now met our second objective to test the 38.2% Fibonacci expansion at 1.5029. We will continue to hold short, looking for a daily close below this barrier to expose the 50% level at 1.4850. The stop-loss has been revised to trigger on a close above 1.5322, the May 16 swing high.

Forex_Strategy_GBPUSD_Short_Held_as_Prices_Clear_Second_Target_body_Picture_5.png, GBP/USD Short Held as Prices Clear Second 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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23 May 2013 02:39 GMT