We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
GBPUSD: Downswing Tipped Below 1.63

GBPUSD: Downswing Tipped Below 1.63

2011-02-25 10:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Pending Short

GBPUSD is testing November’s high just a touch below the 1.63 figure, with a break higher clearing the way for an advance to retest support-turned-resistance at a rising trend line set from the lows in June (now at 1.6737). However, a bearish Rising Wedge pattern taking shape since late January hints a reversal lower may be in the cards. A break below the wedge bottom at 1.6073 would act as confirmation, opening the door for an initial decline to 1.5922. We will remain on the sidelines for the time being, allowing a directional bias to be resolved before entering into a trade.

GBPUSD_Downswing_Tipped_Below_1.63_body_02252011_GBP.png, GBPUSD: Downswing Tipped Below 1.63

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.