GBP/USD  - 1.6535 Support taken out

Trade Idea 

Rate  - 1.6523

Position - Short @ 1.6520-1.6535 

Target  - 1.6465

Stop Loss - 1.6660

Intraday Outlook - Re-test of 1.6465 Possible

Cable failed to stabilize after sell off witnessed in Asian trade today. Hourly and 4 hourly charts have taken out the 1.6535 support level, which was four and half month low. Daily RSI is back to res-test the oversold zone while the 4-hourly RSI is indicating possibility of further sell off. Neither of the time frame is indicating any possibility of bullish divergence with RSI.

We are likely to see GBP/USD test 1.6465 today, especially if the US PMI is stronger than market expectation.

Chart Source : www.fxsol.com.au, GTS Advantage Trader

Views: 249

Comment by George Sofianos on September 2, 2014 at 10:31pm

Nice move Omkar

Comment by Omkar Godbole on September 3, 2014 at 4:19am

Thanks George. 

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