GBPUSD: Looking for Rebound for Sell Setup
Strategy: Pending Short
GBPUSD is testing the 61.8% Fibonacci retracement at 1.5640 after recoiling lower from a falling trend line that has capped the upside since April 2011 to take out upward-sloping support set from the mid-January. Deeply oversold RSI studies hint that a bounce may be ahead and we will wait for a corrective bounce to look for selling opportunities. Initial resistance lines up at 1.5766, the 50% retracement level.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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