GBPUSD: Waiting to Enter Short Position
Strategy: Pending Short
GBPUSD came off major falling trend line that has capped the upside since late April 2011 to break below resistance-turned-support at the former top of a wedge chart pattern. Sellers are testing support at 1.6062, the April 2 swing high, a barrier reinforced by rising trend line support set from the mid-January swing bottom (now at 1.6019). We will wait for a daily close below the latter boundary as confirmation to look for a short trade opportunity.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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