U.S. Markets closed

GBP/USD Short Position Size Increased

Ilya Spivak

GBP/USD Technical Strategy: Short at 1.5662, Targeting Below 1.5120

Floating Profit / Loss: +507 pips

We entered short GBPUSD at 1.5662. Prices put in a bearish Dark Cloud Cover candlestick on a retest of resistance marked by a falling trend line set from the January 2 swing high and the recently broken multi-year range bottom at the 1.53 figure. We will now add to the position, looking for the down trend to resume. Initial support is at 1.5120, the 23.6% Fibonacci expansion. The stop-loss has been adjusted to be trigger on a daily close above 1.53.

Forex_Analysis_GBPUSD_Short_Position_Size_Increased_body_Picture_5.png, GBP/USD Short Position Size Increased

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.