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GBPUSD: Losses Hinted on Trend Line Test

GBPUSD: Losses Hinted on Trend Line Test

2011-08-19 04:48:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices put in a bearish Hanging Man candlestick below support-turned-resistance at a rising trend line that guided GBPUSD higher from May 2010 and was initially broken in mid-June. While compelling, the signal requires confirmation before being considered actionable, which is all the more important given how choppy markets have been of late. We will look for at least a daily close below 1.6448 before entering short.

GBPUSD_Losses_Hinted_on_Trend_Line_Test_body_Picture_5.png, GBPUSD: Losses Hinted on Trend Line Test

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