GBPUSD: Target Nearly Met as Bears Return
Strategy: Short at 1.5765, Targeting 1.4781
Weekly Profit / Loss: +389 pips
Total Profit / Loss: +901 pips
We initially sold GBPUSD at 1.5765. Prices reversed lower following a test of support-turned-resistance at the bottom of a previously broken falling channel established from the swing high in November 2009, with the pair now trading just above our soft target level at 1.4781 (the 03/01 wick low). We will remain short, keeping the objective as is for now but revising the stop-loss lower to activate on a daily close above 1.5386.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.