GBP/USD Trades into 4/4 Low; Risk for Bears Down to 1.5160
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The GBPUSD continues to get hit. Price dropped all the way to the 4/4 low today. The intraday spike into 1.5155 is the new risk level. The 78.6% retracement of the advance from 1.4830 is of interest just under 1.5000 but the close of the March low day at 1.4900 is viewed as more significant.
FOREX Trading Strategy: Continue moving stop down on whatever shorts are left…stop is now 1.5160. Exit at 1.4900 if reached this week.
LEVELS: 1.4901 1.4985 1.5018 1.5083 1.5112 1.5163
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.