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Forex Strategy 03.04.2013: Stay Short EUR/SEK and GBP/USD

Forex Strategy 03.04.2013: 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. My revised target of 8.4150 has now been overcome and I will aim for a break of 8.3616 to expose 8.3193.

I also continue to hold short GBPUSD at 1.5662. My third objective at 1.5132 has been overcome and I will look for a push below 1.4964-1.50 from here. The stop-loss has been revised to be triggered on a close above 1.5546.

--- 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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