Friday, September 18, 2009

Cable Break Below, Target @ 1.6325

Above is GBP/USD 4 hour chart. The pair break its trendline after making spikes in last 3 candles. I shorted it for 1.632 area (AB projection from C), about 120 pips from current price. There are several support actually before the 1.632 which are the Fibonacci retracement levels of 1.6113 (September 1st low) to 1.6741 (September 11th high). Current high at 1.6568 will be the stop loss area.

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