Monday, March 5, 2012

GBP/USD on Mon 5-Mar-2012

For those who follow…
We call for GBP/USD fall 300 pips but our short is 2 days early, market went up to 1.5995, the level which I would have given up to short. So my SL triggered, stopped out, market fall for more than 120 pips last Friday.

I reckon market to rebound from 1.5800 region, stochastic level in 1 Hour chart is quite low and a butterfly pattern is forming now.

So for now market might continue trading down to test support 1.5790-1.5800, rebound to resistance 1.5900.
I forecast market to trade sideways coming 2 days between 1.5790 – 1.5900. Bias downward pressure when market comes back to 1.5900.

Aggressive trader can hunt for short in the afternoon / tomorrow if market resisted at 1.5900 region.

1 comment:

  1. on the dot.. day lo 785 in the afternoon session.. great forecast ayumi.. :)