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GBP/USD Longs are Valid above 1.5090

GBP/USD Longs are Valid above 1.5090

2013-04-02 13:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Long GBP and short AUD isn't working out today and it's possible that the GBP leg of the trade will be stopped out (don't forget that the original GBPUSD long was on 3/13 near the lows and the second entry was at 1.5100). If the GBPUSD trades below 1.5090, then I'll be watching for support near 1.4990 (61.8% retracement).

The AUDUSD short (from 3/27) is valid as long as price is below 1.0500 on a daily closing basis. Weakness below 1.0420 would put the short back on track.

Watch the EURUSD down here; if price can hold and exceed 1.2890 by tomorrow, then I'm likely to go long.

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