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Trade Updates in GBP/USD and more for 03/15/2013

Trade Updates in GBP/USD and more for 03/15/2013

Jamie Saettele, CMT, Sr. Technical Strategist

GBPUSD longs from Tuesday (1.4877 entry) were exited this morning at 1.5160 (released via Twitter @JamieSaettele). I remain bullish but am looking to buy weakness. Support begins at 1.5077 but is probably strongest near 1.4980-1.5000. Looking to buy again at 1.4980-1.5000.

The EURUSD exceeded 1.3064, turning me bullish. Expect support from 1.3008/32 if reached but I don't want to get too 'cute' here when I expect a rally back to 1.3400 or more. I'm long at the market (1.3080) with a 1.2905 stop.

EURSEK has staged a dramatic reversal in recent days. The plan here is to buy weakness into the 50%-61.8% retracement of the rally from Wednesday's low (8.2549). The retracement levels are 8.3080 and 8.3245.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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