GBP/USD Short Entry Setup Identified

DailyFX

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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Forex_Strategy_GBPUSD_Short_Entry_Setup_Identified_body_Picture_5.png, GBP/USD Short Entry Setup Identified

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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