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Looking to Sell GBP/USD

Looking to Sell GBP/USD

Joel Kruger, Technical Strategist

The market has recently broken to fresh 2012 highs beyond 1.6000 and this now likely opens additional upside back towards the October 2011 peak by 1.6165 further up. While our core bias remains bearish, we will stand aside and look for opportunities to sell into rallies above 1.6200 in anticipation of an eventual bearish resumption. A break and close back below 1.6000 is now required to alleviate immediate topside pressures. STRATEGY: SELL @1.6210 FOR A 1.5800 OBJECTIVE; STOP 1.6410.

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