News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
GBPUSD: Waiting for Short Entry Opportunity

GBPUSD: Waiting for Short Entry Opportunity

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

GBPUSD sold off after putting in a Harami pattern below major trend line resistance that has capped the upside since late April 2011. Prices are now testing through the former top of a wedge pattern now recast as support to challenge the 38.2% Fibonacci retracement at 1.6116, with a break below that exposing 1.6059. Risk/reward considerations argue against entering short at current levels and we will stand aside for now.

GBPUSD_Waiting_for_Short_Entry_Opportunity_body_Picture_5.png, GBPUSD: Waiting for Short Entry Opportunity

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.