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GBPUSD: Standing Aside as Prices Test Support

GBPUSD: Standing Aside as Prices Test Support

2012-07-13 10:24:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

GBPUSD is testing support at 1.5383, the 38.2% Fibonacci retracement, a barrier reinforced by the lower boundary of a falling channel set from the late June swing top. Overall positioning suggests a bearish bias but risk/reward considerations argue against entering at current levels. We will stand aside for now until a more attractive setup presents itself.

GBPUSD_Standing_Aside_as_Prices_Test_Support_body_Picture_5.png, GBPUSD: Standing Aside as Prices Test Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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