Tuesday, March 19, 2013

Cable: 19/03/2013 11:07hrs

GBP / USD:

This pair is in a down trend

Chart below:

 


Price is making lower highs and lower lows.
Price has retraced to the 23.6% Fibonacci level from the last thrust down.
Price has found a resistance level at 1.5200

Chart below:

 
On the short term chart price is supported at 1.5065. (RED LINE)
 
Chart below:
 
 
Should price break this level and make a new low on the short term time frame, I will look to enter a short position on the pull back to the support area of 1.5065
 
If price moves higher then I will wait for the next trade with the trend to be identified.
 
Levels below:
 
1st Entry: 1.5065
2nd Entry 1.5065
 
Averaged entry: 1.5065
 
Stop Loss: 1.5105
 
Target 1.4865 (5% & previous support level)
 
I will update again should the trade be triggered.
 
Regards
 
 

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