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GBPUSD: Selling Opportunity Sought

GBPUSD: Selling Opportunity Sought

2011-03-11 09:48:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

GBPUSD followed up a bearish Dark Cloud Cover candlestick pattern identified last week with a break through rising trend line support set from late January, with prices now poised to challenge the 1.60 figure. While the breakout certainly looks compelling, the pair’s proximity to support tilts the risk/reward balance away from entering short for now. We will remain on the sidelines for now and monitor price action for more attractive opportunities.

GBPUSD_Selling_Opportunity_Sought_body_03102011_GBP.png, GBPUSD: Selling Opportunity Sought

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