GBP / USD: Tuesday 26th November 2013. 14:06hrs

GBP / USD:

Cable is in an up trend.

However price has been rejected from the resistance zone at 1.6250.

Price has moved away from the resistance at 1.6250 and has pulled back to to 50% Fibonacci level where it has been rejected again.

Chart below:

 

Following this mornings failed attempts at moving higher, price has broken down through the short term moving averages and has made a lower low on the 15 minute chart.

I am looking for a short position as detailed below.

Levels and Chart below:

Entry: 1.6160

Stop Loss: 1.6185

1st Target: 1.6105

2nd Target: 1.5900

 

I will update again should the position be opened.

 

Regards

 

Mad Dog Trader