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GBPUSD: Selling Stalls Below 1.50, Correction Possible Ahead

GBPUSD: Selling Stalls Below 1.50, Correction Possible Ahead

2010-03-05 08:49:00
Ilya Spivak, Sr. Currency Strategist
Share:

GBP/USD

Strategy: Short at 1.5765, Targeting 1.4781
Weekly Profit / Loss: +232 pips
Total Profit / Loss:
+727 pips

We initially sold GBPUSD at 1.5765. Prices seemed to have taken out our revised target at 1.50 after breaking through the bottom of a falling channel established from the swing high in mid-November, but sellers ran out of momentum and the pair has corrected higher. We will remain short, seeing any move higher from here as corrective in the context of a larger down trend. We will also revise our objective to 1.4781, the 03/01 wick low, and trail our stop-loss down to be activated on a daily close above 1.5533.

03042010 GBP


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