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GBPUSD Short Under 1.8300
Fri, Aug 29 2008, 09:31 GMT
by Forex Hound Analysis Team
Looking at the 1 hour charts on GBPUSD we can see the an almost exact replica of yesterday's pattern, although with a smaller range as the bigger wedge pattern is getting to an end. With the bearish bias intact we can expect that a break of the support trendline under 1.8300 will trigger some additional shorts and create an opportunity to take a small profit. First target is yesterday's low around the 1.8250 area.
Published on Fri, Aug 29 2008, 13:07 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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