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GBPUSD: Short Entry Ahead?

GBPUSD: Short Entry Ahead?

2011-03-09 13:10:00
Ilya Spivak, Sr. Currency Strategist
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GBPUSD is testing support at a minor rising channel bottom establisihed through February having dropped below a rising trend line connecting major lows since Jan 25. A break below the channel bottom (now at 1.6123) exposes the 1.60 figure. While risk/reward considerations make entering short unattractive at current levels, the rally from the bottom in December seems to be ready to unwind and I will be monitoring positioning closely for a viable entry point.

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