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GBPUSD: Pullback Hinted Below 1.57 Mark

GBPUSD: Pullback Hinted Below 1.57 Mark

2012-01-27 03:14:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

GBPUSD put in a Shooting Star candlestick below resistance at 1.5709, hinting a pullback is ahead. We are wary of entering short here without confirmation however, particularly after the pair took out falling trend line resistance that capped the upside from late November, and will remain on the sidelines for now. Initial trend line support is now at 1.5582.

GBPUSD_Pullback_Hinted_Below_1.57_Mark_body_Picture_5.png, GBPUSD: Pullback Hinted Below 1.57 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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