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GBPUSD: Waiting to Enter Short Position

GBPUSD: Waiting to Enter Short Position

Ilya Spivak, Head Strategist, APAC

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.

GBPUSD_Waiting_to_Enter_Short_Position_body_Picture_5.png, GBPUSD: Waiting to Enter Short Position

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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

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