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GBPUSD: Remain Short as Prices Near Target

GBPUSD: Remain Short as Prices Near Target

2010-03-25 12:16:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold GBPUSD at 1.5765. Prices have reversed lower once again after re-testing support-turned-resistance at the bottom of a previously broken falling channel established from the swing high in November 2009. I will remain short, continuing to target the 03/01 wick low at 1.4781. As before, a stop-loss will be activated on a daily close above 1.5533.

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