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Forex Strategy: GBP/USD Short Trade Hits First Target

By , Currency Strategist
07 October 2013 06:24 GMT

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Talking Points

  • We sold GBP/USD at 1.6172 as prices fell having put in a Shooting Star candle, as expected
  • The trade met our first target at 1.6063 (23.6% Fib); the next objective is 1.5941 (38.2% Fib)
  • The stop-loss has been revised to trigger on a daily close above 1.6172

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Forex_Strategy_GBPUSD_Short_Trade_Hits_First_Target_body_Picture_5.png, Forex Strategy: GBP/USD Short Trade Hits First Target

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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07 October 2013 06:24 GMT