09 December 2009

GBP/USD : Turning Slowly

  • Last 1.6266.
  • Daily : Series of lower highs and lower lows now evident (with today's low at 1.6226) = new downtrend being formed. Chart looks very top heavy as well (SHS top objective 1.5709).
  • Weekly : Testing support at 1.6235. A close this week below will be a fresh sell signal. But will only really turn interesting below 1.5705.
  • Monthly : All this time we never did leave the downtrend.
  • [Recovered all NFP losses with this].
  • Added to short at 1.6266 (break of previous low at 1.6270).

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