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GBPUSD: Bounce Seen as Selling Opportunity

GBPUSD: Bounce Seen as Selling Opportunity

2012-02-17 04:50:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

GBPUSD recovered following a test of support at 1.5662, the 38.2% Fibonacci retracement level, with the bulls once again aiming to challenge the 1.59 figure. A Bearish Engulfing candlestick pattern below this boundary continues to argue for a broadly bearish bias and we will look for the upswing as an opportunity to enter short. The Engulfing is invalidated on a close above its high at 1.5928.

GBPUSD_Bounce_Seen_as_Selling_Opportunity_body_Picture_5.png, GBPUSD: Bounce Seen as Selling Opportunity

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

To contact Ilya, e-mail ispivak@dailyfx.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 ispivak@dailyfx.com

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