GBPUSD: Pullback Hinted Below 1.57 Mark
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.