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Sell GBP/USD @1.6425

Sell GBP/USD @1.6425

2011-03-22 11:01:00
Joel Kruger, Technical Strategist
Share:

The 1.6300 figure has been a formidable resistance point over the past several weeks and we look for the latest surge above the level to once again be very well capped in favor of a bearish resumption. Clearly any sustained moves above 1.6300 would force a rethink, but until then, fading the strength is the preferred strategy. We will still be very cautious with our entry for the trade and have placed a sell order in a spot where the daily ATR will have been met and the hourly RSI will be through the roof to at a minimum beg for some form of an intraday pullback in our favor. Should the trade trigger, we will reassess the position on the daily close. STRATEGY: SELL @1.6425 FOR AN OPEN OBJECTIVE; STOP 1.6575. RECOMMENDATION TO BE REMOVED IF FAILS TO TRIGGER BY NY CLOSE (5PM NY) ON TUESDAY.

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