GBP/USD Signal - May 2, 2013

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By: DailyForex.com

The GBPUSD pair is currently testing the 50% Fibonacci retracement with a uptrend which is less and less marked. In this context, a return to the lower retracement is the most likely hypothesis in a long-term trend which remains bearish. Investors will therefore attempt a bearish trade to bet on the failure of the market to overcome this resistance level. The stop-loss will be placed above the retracement at 1.5620.
Direction: Down
Entry: 1.5558
Stop-loss: 1.5620

GBPUSD Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.