Monday, October 31, 2011

GBP/USD on 31-Oct-2011

GBP/USD last traded at 1.5973 which has already hit our daily target.
however, look at 4H chart it is going to touch the support line 1.5950.

If GBP/USD continue to piece below 1.5950, but reverse up, I will Long the GBP/USD -- we forecast the week is a sideway market either trading to test low, or test resistance 1.6160.

2pm is the decision making point, and once I hit the Long, I will preset the stop loss at the point where it goes to the lowest point, this would be a short term trade which might only last for 4 hours, before the announcement at 6pm as I printed on the chart above.

The butterfly pattern is emerging in 1 Hour chart which also support the short term long view.

Cheers to all.

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