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GBPUSD: Initial Objective Met, Targeting 1.50 From Here

GBPUSD: Initial Objective Met, Targeting 1.50 From Here

2010-02-26 03:21:00
Ilya Spivak, Sr. Currency Strategist
Share:

GBP/USD

Strategy: Short at 1.5765, Targeting 1.5000
Weekly Profit / Loss: +108 pips
Total Profit / Loss:
+495 pips

We initially sold GBPUSD at 1.5765. Prices have now taken out support at the bottom of a falling channel established from the swing high in mid-November and met our initial objective at 1.5291. We will remain short, revising the soft target to the 1.50 figure and trailing the stop-loss to break-even at 1.5765.

02252010 GBP


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