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Forex Strategy 05.24.2013: Enter Long USDCAD, Stay Short GBPUSD

Forex Strategy 05.24.2013: Enter Long USDCAD, 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.

I have also triggered a long USDCAD position at 1.0323 as prices pulled back after clearing a major falling trend line connecting tops dating back to October 2011. I will initially aim for a break above the 50% Fib retracement at 1.0367. A stop-loss will be activated on a close below 1.0283, the 38.2% mark.

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