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GBPUSD: Rebound Hinted Above 1.53 Mark

GBPUSD: Rebound Hinted Above 1.53 Mark

2012-01-13 09:55:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

GBPUSD put in a Doji candlestick above support at 1.5327, the September 22 low, hinting an upswing is ahead. However, with initial support-turned-resistance so close by at 1.5413 risk/reward considerations argue against entering a trade at current levels. We will stand aside for now, looking for a more compelling opportunity down the road.

GBPUSD_Rebound_Hinted_Above_1.53_Mark_body_Picture_5.png, GBPUSD: Rebound Hinted Above 1.53 Mark

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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