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
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/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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