Forex Strategy 05.23.2013: Stay Short GBPUSD

DailyFX

I entered short GBPUSD at 1.5533. Prices have now met my second objective to test the 38.2% Fibonacci expansion at 1.5029. I will continue to hold short, looking for a daily close below this barrier to expose the 50% level at 1.4850. The stop-loss has been revised to trigger on a close above 1.5322, the May 16 swing high.

SEE CHART HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)