380 Pips Profit with 2 Trades: Daily GBP/USD & GBP/JPY

[imperialfxonline]

380 Pips Profit with 2 Trades: Daily GBP/USD & GBP/JPY

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Daily Trading Strategy Report: GBP/USD - OBJECTIVE MET

Bearish outlook remains (210 Pips Profit)

Writtern by www.imperialFXonline.com



Time: May 11th 2010, 04:10GMT

Currency Pair: Gbp/usd
Rate : 1.4800
Strategy : Target Met
Position : Short at 1.5010
Objective : 1.4800

Resistance levels : 1.5055 / 1.5106 / 1.5186 / 1.5280 / 1.5391
Support levels : 1.4759 / 1.4653 / 1.4476 / 1.4398 / 1.4300

• Retreat from 1.5055 keeps price under pressure
• Below 1.4650 is needed to shift focus to downside

The sterling's retreat from 1.5055 (optimism over the early announcement of the European bailout plan is waning while concerns over the hung parliament in the U.K. will continue to weigh on the pound) points to a minor top formation there and a bearish bias is for the pound to fall to 1.4800 and possibly 1.4750/60, however, the low made last week at 1.4476 looks set to hold for now and further consolidation is likely in the short term.

We are holding our short position with a lowered stop to protect the potential profit and only above 1.4950/60 would risk another rise towards 1.5055.



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Daily Trading Strategy Report: GBP/JPY - OBJECTIVE MET

Possible end to the correction from 129.93 (270 Pips Profit)

Writtern by www.imperialFXonline.com



Time: May 11th 2010, 04:40GMT

Currency Pair: Gbp/jpy
Rate : 137.00
Strategy : Target Met
Position : Short at 139.70
Objective : 137.00

Resistance levels : 140.58 / 141.61 / 142.91 / 144.05 / 145.97
Support levels : 135.76 / 133.15 / 132.00 / 131.09 / 129.93

• Retreat from 140.58 keeps price under pressure
• Below 133.15 needed to call for a possible resumption of decline

The sterling's early rally yesterday (boosted by improved risk appetite on a perceived stabilisation in the global stock markets) was capped at 140.58 and the pound then turned south, this near term fall suggests a possible end to the correction from last week's low at 129.93 and a bearish bias looks set to prevail at least in the short term with potential for further weakness to 137.00 and then towards 135.76 (yesterday's Asian low), a drop below the latter level would fill a small gap.

We are holding a short position with the stop lowered and only above 139.20/30 would alleviate the downward pressure and risk another rise to 140.58.


Writtern by www.imperialFXonline.com




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