6-19-08
3:41a GMT – The GBP/USD is facing downward pressure from daily, 4h and 60M charts. Closest resistance is at 1.9625, daily resistance is currently around 1.9660 (blue line below) and a daily close above 1.9681 is needed to break the downtrend.
Trading Idea: Will look for a bearish candlestick reversal around any of the resistance areas (preferably the daily) to enter short. Targets are at 1.9600, 1.9575 and 1.9485 and lower.
UPDATE: Pair charged through resistance without giving a bearish reversal candlestick (so no trade was entered, right?) as you see on the chart below. A doji did form about 4 hours ago though after only a 2 candlestick rise. We will wait to see the close of the next 4h candle for direction though pair appears to have hit resistance below 1.9800.
RESULT: 0 pips
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