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Tempted to short GBPUSD against high but holding now

Tempted to short GBPUSD against high but holding now

2011-03-22 22:30:00
David Rodriguez, Head of Business Development
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I got stopped out of my standing GBPUSD short as the US Dollar continued its medium-term tumbles. It's obviously frustrating to get stopped out when you think you have timed a turnaround and price looks like it is going to continue lower. Yet there's little sense in arguing with price action, and I will accordingly stay flat until I think a more meaningful turnaround is likely. I don't like shorting the US Dollar at current levels, as it is at or near major bearish extremes against many major counterparts.

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