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  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9tTif https://t.co/DGS11IMvcd
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GBPUSD: Waiting for Short Entry Opportunity

GBPUSD: Waiting for Short Entry Opportunity

2012-05-07 05:39:00
Ilya Spivak, Head Strategist, APAC
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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 Dailyfx.com

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

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