Sunday, October 11, 2009

GBPUSD - Watch The Week Open

The pair closed below the trendline last week after consolidating between 1.577 and 1.6125 and touched the downtrend channel. The break indicates downtrend continuation to 1.57 area (38.2% Fib) and 1.52 area next (50% Fib). However, the pair must break 1.577 low first for confirmation. A break outside the channel might brings another consolidation or even a higher recovery above 1.6125. For now, we should wait and see the week open.

No comments:

Post a Comment