Spot GBP/USD: Negative Outlook
Jason Sen | Sep 17, 2013 05:08AM ET
GBP/USD topped at 1.5963 and fell back to support at 1.5895/85 which has held the downside as expected so far at least. However the outlook is quite negative so a break lower today should target trend line support at 1.5865. A bounce from here is possible but longs need stops below 1.5850 for the next support at 1.5835/30. Exit shorts here and try longs with stops below 1.5815.
Above 1.5900 is less negative and could allow a move towards 1.5922/27 and possibly a retest of 1.5960/65. Exit longs and try shorts up to 1.6010, looking for a medium sell off on profit taking but we need stops above 1.6050.
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