Thursday, November 22, 2012

GBPUSD Channel Trade GBPUSD Channel Trade
I have resistance, support lines marked on the charts and the pair is respecting them. 

Price is coming down in a descending channel and is approaching a horizontal resistance area. This area is support-turned-resistance. Just above this area comes channel's upper trendline. 

I expect the current horizontal resistance area to hold. A break brings focus to channel's upper trendline. Both are good shorting opportunities.

I like going short at current prices for a move down to lower resistance area. In case if this area doesnt hold, then I will go short again on a touch of upper trendline. 

Moreover price has posted 6 consecutive daily gains. So a pullback might be in. I went short at current prices at 1.5962.

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