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GBPUSD: Looking for Opening to Enter Short

GBPUSD: Looking for Opening to Enter Short

2011-09-04 23:51:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

A Hanging Man candlestick marked a swing top in GBPUSD, with prices now pushing lower through support at 1.6248: the intersection of a rising channel bottom at the 38.2% Fibonacci extension level. Sellers are now testing the next downside barrier at 1.6134, the 50% Fib, with a break below that exposing 1.6019. Risk/reward considerations argue against entering short with prices squarely at support and we will remain on the sidelines for now.

GBPUSD_Looking_for_Opening_to_Enter_Short_body_Picture_5.png, GBPUSD: Looking for Opening to Enter Short

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

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