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Wednesday, January 7, 2009

Euro position closed...Next trade GBPUSD

My earlier trade with the EURUSD just has been closed by my trailing stop loss with a profit of just 13 pips. The pair hit the R1 level and now currently floating around that area of resistance.

My next trade that I am monitoring right now is the GBPUSD. As shown on the above chart, all 3 indicators are already in the Blue zone which signal for a long trade. So all I need now is just to wait for the 1-minute chart to give me a next entry signal.

A few minutes ago I come across the following news/speculation from Barclay Capital "1155 GMT [Dow Jones] GBP/USD finally responded to divergence on the daily and weekly charts, rallying out of its recent range and making a new high for 2009 of 1.4988, notes Barclays Capital. This breakout is far from conclusive proof that a more sustainable bounce is underway says the bank, as the rate remains in a wedge like formation and below its 50 day moving average, which comes in at 1.5110. However, while it holds above support at 1.4730 BarCap says it gives this fledgling uptrend the benefit of the doubt and looks for it to extend toward the 50 DMA at 1.5110. GBP/USD now trades at 1.4944. (GST)"

I will be setting my target for the pair at R2 as support for the above speculation. Right now GBPUSD trading at 1.49560

1 comment:

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