GBP/USD Short Held as Prices Progress Lower
GBP/USD Technical Strategy: Short at 1.5662, Targeting 1.5440
Floating Profit / Loss: +169 pips
We entered short GBPUSD at 1.5662. Prices are making progress lower, taking out the 38.2% Fibonacci expansion (1.5571) to expose the 50% level (1.5488), with a further push lower eyeing the 61.8% Fib at 1.5403. We will continue to hold short, initially targeting 1.5440 and ultimately aiming for major horizontal support at 1.5296. The 1.5571 level has been recast as resistance.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Floating Profit / Loss: +169 pips
We entered short GBPUSD at 1.5662. Prices are making progress lower, taking out the 38.2% Fibonacci expansion (1.5571) to expose the 50% level (1.5488), with a further push lower eyeing the 61.8% Fib at 1.5403. We will continue to hold short, initially targeting 1.5440 and ultimately aiming for major horizontal support at 1.5296. The 1.5571 level has been recast as resistance.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Free Annual Reports
