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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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