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Forex Strategy 05.23.2013: Stay Short GBPUSD

Forex Strategy 05.23.2013: Stay Short GBPUSD

Ilya Spivak, Head Strategist, APAC

I entered short GBPUSD at 1.5533. Prices have now met my second objective to test the 38.2% Fibonacci expansion at 1.5029. I will continue to hold short, looking for a daily close below this barrier to expose the 50% level at 1.4850. The stop-loss has been revised to trigger on a close above 1.5322, the May 16 swing high.

SEE CHART HERE

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