Monday, September 07, 2009

Cable Outlook Update

Above is GBP/USD 4 hour chart. The pair did not resume its downtrend and forced me to cut loss my short position :( The pair did make a lower low at 1.6113 but the rallied to a 6-days high at 1.6413. The pair also broke 2 trendlines in the process. It tested the support-turns-resistance trendline for fourth time before closing at 1.6390 last Friday. The analysis still suggest bearish outlook as long as the resistance trendline holds. Ok, the market wil be open in a few minutes. Happy trading!

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