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Sell Gbp/Usd @1.5395

Sell Gbp/Usd @1.5395

2010-07-15 11:06:00
Joel Kruger, Technical Strategist
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The moves in the currency markets today are being led by some relative strength in the Euro which we feel is nearing overdone as the market fast approaches the 100-Day SMA. Many currencies have been rallying on the Euro’s coattails and with the move seen coming to an end in the very near future, we will look to take advantage by selling the Pound which would be at risk of coming off harder in the event of a Euro pullback. There is some very solid resistance just over 1.5500, and we like the idea of using the daily average true range of 160 points as a means to isolate our short entry levels in anticipation of a resumption of broad based USD buying. STRATEGY: SELL @1.5395 FOR AN OPEN OBJECTIVE; STOP 1.5535. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON THURSDAY.

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