U.S. Markets open in 9 hrs 25 mins

GBP/USD Short Held as Prices Progress Lower

Ilya Spivak

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.

Forex_Analysis_GBPUSD_Short_Held_as_Prices_Progress_Lower_body_Picture_5.png, GBP/USD Short Held as Prices Progress Lower

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.