swing trade on GBP/USD

Short at 1.4550, stop at 1.4850, profit target at 1.4250

Short at 1.4650, stop at 1.4850, profit target at 1.4250

R5 1.4663 4 Jan low

R4 1.4645 * 8 Jan high

R3 1.4600 * figure

R2 1.4534 7 Jan low

R1 1.4494 11 Jan low

S1 1.4352 12 Jan low

S2 1.4346 * 8 Jun 2010 low

S3 1.4260 25 May 2010 low

S4 1.4228 * 2010 low

S5 1.4110 * 30 Mar 2009 low

Struggling to hold the 1.4400 level and break here keep focus on the downside for retest of the 1.4352 low. Break here will see potential to 1.4260 then the 1.4228, 2010 low. Recent low at 1.4494 and 1.4534 now reverts to resistance and lift over these needed to trigger stronger recovery toretrace steep drop from the Dec high.

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