Monday, January 21, 2013

GBPUSD Strong Down Momentum GBPUSD Short Trade
Recent GBP down move has broken 3 support areas and trendline. 

The trendline was holding since June-12 and has provided support on many dips. The trendline was more like providing legs to up move in GBPUSD. 

Along with the upper resistance area, a squeeze was coming up which was to break towards downside and ti did. Ultimately, GBPUSD will be range bound for rest of the decade...!!!

I see the recent down move as opportunity to build fresh short positions on any spike towards previous support area. I believe the previous support will turn resistance on any spikes now. 

I will build my short position in sizes by adding a quarter of normal size at every resistance.

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