Tuesday, February 28, 2012

GBP/USD on Tue 28 Feb 2012

GBP/USD didn't cross above 1.5900 and trading in a bearish mode.

Yesterday attempt to Long but I have been stopped out.  Check yesterday posting here.

a Trapezium has formed and if Trapezium works, it will be two weeks of south ride, however, our trading experience tells us the we are constantly challenged with our belief, up? or down?

GBP/USD has traded down to 1/3 retracement, 1.5810 is a good support level, and it is possible that GBP/USD will attempt to test 1.5900 again.
As long as GBP/USD didn't break above 1.5930-1.5950, I am still hunting for short hoping for the Trapezium pattern to work for us.

Intraday (1H) chart showing strength and I reckon market to turn up for the time being,  I queue to short at 1.5870, SL 1.5900, TG 1.5750.

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