Thursday, December 06, 2012

GBP / USD: Thursday 6th December 2012 20:03hrs

GBP / USD:

Cable has a clear double top at 1.6300.

Chart below


Price has moved away from the resistance level, and pulled back the 61.8% Fibonacci Level.

Chart below



There is further resistance at this level in the form of a double top on the 6o minute chart.

On the back of today news from Europe, a wave of USD strength is in the market.

After forcing price through the averages I am look for a short entry on a pull back.

Levels and chart below:

1st entry: 1.6070
2nd entry: 1.6080

Averaged entry: 1.6075

Stop Loss: 1.6105

Target: 1.5925 (5%)


 


I will update again if and when the trade is triggered.

Have a good evening

Regards



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