U.S. Markets open in 5 hrs 51 mins

Forex Analysis: GBP/USD Short Setup Established

Ilya Spivak

Strategy: Pending Short at 1.5850


Prices took out rising trend line support set from the June 1 low, hinting at deeper losses ahead. Risk/parameters argue against entering a trade at current levels however and we will opt to establish an entry order to enter short at 1.5850 in the event of a corrective upswing. If the setup is triggered, a stop-loss will be set to activate on a daily close above the 38.2% Fibonacci retracement at 1.5911 while the initial objective will be set at 1.5788, the 50% level.


Forex_Analysis_GBPUSD_Short_Setup_Established_body_Picture_5.png, Forex Analysis: GBP/USD Short Setup Established

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


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.