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GBPUSD: Sell Entry Sought on Bounce

GBPUSD: Sell Entry Sought on Bounce

2011-03-18 02:53:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

GBPUSD has put in a Bullish Engulfing candlestick pattern above familiar support at the 1.60 figure, hinting a move higher is ahead. The break past rising trend line support last week suggests the advance is corrective and ought to be treated as a selling opportunity. Near-term resistance is found in the Fibonacci retracement zone (1.6159-1.6257), with a move through that clearing the way for a retest of trend line support-turned-resistance (now at 1.6312). We will monitor prices over the days ahead for an attractive short entry.

GBPUSD_Sell_Entry_Sought_on_Bounce_body_031711_GBP.png, GBPUSD: Sell Entry Sought on Bounce

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