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GBP/USD Short Triggered on Major Trend Line Break

GBP/USD Short Triggered on Major Trend Line Break

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Strategy: Short at 1.5662, Targeting 1.5440

Prices broke multi-year rising trend line support set from mid-January 2009, hinting a major bearish reversal is in progress. We will take a small short position here (1.5662), initially targeting 1.5440 and ultimately aiming for major horizontal support at 1.5296. A stop-loss will be activated on a daily close above 1.5878.

Forex_Analysis_GBPUSD_Short_Triggered_on_Major_Trend_Line_Break_body_Picture_1.png, GBP/USD Short Triggered on Major Trend Line Break

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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