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GBP/USD Short Held as Prices Test 1.50 Level

GBP/USD Short Held as Prices Test 1.50 Level

2013-03-08 12:47:00
Ilya Spivak, Head Strategist, APAC
Share:

GBP/USD Technical Strategy: Short at 1.5662, Targeting 1.4861

Floating Profit / Loss: +630 pips

We entered short GBPUSD at 1.5662. Prices are now testing support at 1.4965, the 123.6% Fibonacci expansion. Positive RSI divergence hints a correction higher may be ahead. Initial resistance is at 1.5165, the 14.6% Fib retracement, with a break above that targeting the 1.5289-96 area marked by the 23.6% retracement and a recently broken multi-year range bottom. Alternatively, a move through support exposes the 138.2% expansion at 1.4861. We will continue to hold short and look to any bounce from here as an opportunity to add to the position. A stop-loss will be triggered on a daily close above 1.5490.

Forex_Analysis_GBPUSD_Short_Held_as_Prices_Test_1.50_Level_body_Picture_5.png, GBP/USD Short Held as Prices Test 1.50 Level

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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