Thu, Jun 25 2009, 14:12 GMT
by Dimo Dimov
The chart shows my working count for GBP/USD for the last month. I think a bearish triangle is developing which could complete the whole rise started from this year’s low 1.3503 (23.01.2009). If this is the case, one should expect at least 61.8 % retracement of this year’s rise – the corresponding level is 1.4685. A firs signal for this extremely bearish idea is a fall below 1.6185 and confirmation – below 1.5800. A key resistance is yesterday’s high 1.6601. With an eye on these extremely bearish expectations I entered yesterday a short position
Trading strategy: 08:56 EST; 13:56 GMT
Short position from 1.6530, stop loss - 1.6630, target – open
Published on Thu, Jun 25 2009, 14:14 GMT
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