October 7, 2008 03:21

Technical Analysis – GBP/USD Going Short

Posted In: Technical Analysis
By:

10-07-08

3:29a GMT – I thought I would mix it up and give a signal for the GBP/USD since I’ve been giving signals just for the EUR/USD pair for the past few weeks (profitable as they were). GBP/USD has dropped over 1000 pips in the past few weeks and we will stick with the trend. The major risk here is that the pair is oversold and traders will need to cover their shorts at some point. Therefore we will look to sell rallies at 1.7555 resistance.

Trading Idea: Shorts favored at 1.7555 with targets at 1.7465, 1.7405 and 1.7355.

(click to enlarge)

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