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GBP/USD Sell Recommendation Issued

GBP/USD Sell Recommendation Issued

2011-02-02 12:05:00
Joel Kruger, Technical Strategist
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The market has been very well bid since reversing sharply in the previous week, with the rally now totally negating any short-term bearish sentiment following the break back above 1.6060. From here, there is scope for a complete retracement of the Nov-Dec high-low move, with a potential retest and break of 1.6300 over the coming session. However, intraday studies are looking very stretched at this point and any additional rallies on Wednesday to 1.6300 should be met with some very heavy sell orders as shorter-term market participants look to book profits on existing longs. We will look to take advantage of any moves to 1.6300 and will happily establish a fresh counter-trend short position on a test of the figure. STRATEGY: SELL @1.6300 FOR AN OPEN OBJECTIVE; STOP 1.6425. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON WEDNESDAY.

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