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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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