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Stay Short EUR/SEK and GBP/USD

Stay Short EUR/SEK and GBP/USD

Ilya Spivak, Head Strategist, APAC

I sold EURSEK at 8.7315 expecting Risksbank to keep rates on hold while the ECB leans toward easing in 2013 as recession lingers. I added to the position at 8.6409 as a corrective rebound launched in early January faltered. An Inverted Hammer candlestick warns of another possible bounce from support at 8.4234, which I will treat as an opportunity to further grow the position. A stop-loss will be triggered on a close above 8.6557.

I also continue to hold short GBPUSD at 1.5662. Prices have turned lower anew after a brief recovery and I will continue to hold short. My initial target at 1.5440 has been met and I wil now trail the stop-loss to breakeven and aim for the longer-term objective at 1.5296.

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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