GBP/USD Short Entry Setup Identified
GBP/USD Technical Strategy: Pending Short at 1.5463, Targeting 1.5352
Prices put in a bearish Three Inside Down candlestick pattern below resistance at a falling trend line set from mid-December 2012, hinting a move lower is ahead. Risk/reward considerations require a short entry price no lower than 1.5463 and we will set an order to trigger the trade at that level. If activated, the position will have a stop-loss set off on a daily close above 1.5574 and an initial target at 1.5352, the 23.6% Fibonacci expansion.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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