GBPUSD: Sell Entry Sought on Bounce
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.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.