GBPUSD Flips Bearish
- Posted by faithmight
- on January 17th, 2013
The $GBPUSD has finally closed below 1.60 for the 1st time since November. And as such, I have finally acquiesced my bullish stance on $GBPUSD.
Moves above 1.60 will be met by sellers all the way into 1.6077, the 50% Fibonacci retracement level. However, we should be aware that the 1.6050 level has previously capped rallies when we closed below 1.60. Price then fell to lower levels.
Bears target the 1.5828 low with possible support coming in at 1.5950. Despite the clearly bearish close, this currency pair continues to be very choppy due to USD quirkiness. Best to be patient and deliberate when taking trades in this market.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Lydia Idem has been investing in equities for 16 years and actively trading currencies exclusively for 7 years. Her trading style is simple and short term. With a special feel for sterling, Lydia trades almost exclusively the GBPUSD and EURGBP. You can follow Lydia on Twitter and StockTwits... More » -
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