Daily Forecast - 04 April 2014
GBPUSD
GBPUSD tested good support at 1.6595/85 & spiked below 1.6570 but only to 1.6566. The chart shows a 6 week bearish channel forming & below the 55 day moving average at 1.6575 today keeps the market under pressure for short term Fibonacci & 11 month trend line support at 1.6535/25. Exit shorts & try longs expecting a low for the day, with stops below 1.6505.
Any recovery runs in to resistance at 1.6620/25 & a good chance of a high for the day. However if we continue higher use the upper channel trend line resistance at 1.6660/65 as a selling opportunity. Exit longs & try shorts with stops above 1.6685.
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