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Forex Strategy 02.28.2013: Stay Short EUR/SEK and GBP/USD

Forex Strategy 02.28.2013: 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. Prices are now consolidating below resistance at 8.4764 and I wil continue to hold short, looking for a close below 8.4234 to expose 8.3618. A stop-loss will be triggered on a close above 8.6377.

I also continue to hold short GBPUSD at 1.5662. Prices have now surpassed my second objective at 1.5296 and I will continue to hold short, aiming for a break below 1.5132 (100% Fibonacci expansion) to expose the 1.50 figure and 1.4965 (123.6% Fib). The stop-loss has been revised to be triggered on a close above the breakeven point (1.5662).

--- 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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