GBPUSD - 4 Hour ; Inside Bar Pattern !

As shown on the 4 hour chart posted below, the GBPUSD has formed a breakout pattern, support at 1.5460, resistance at 1.5550, four hour close above 1.5550 will call for a rebound towards 1.5640 and 1.5730 levels, while a four hour close below 1.5460 will extend the bearish move  towards 1.5370 and 1.5280  levels...

Recommendation 1 # : Buying the pair with a 4 hour closing above 1.5550 targeting 1.5640 and 1.5730 levels, stop loss below 1.5460 levels.

Recommendation 2 # : Selling the pair with a 4 hour closing below 1.5460 targeting 1.5370 and 1.5280 levels, stop loss above 1.5550 levels.

Best Regards

Haitham

Views: 267

Tags: GBP/USD, GBPUSD

Comment by Kh Rahim on February 20, 2013 at 11:09am

Hello sir,
great work, your 2nd gbp/usd target is almost reached.
so can u update more about gbp/usd plz.

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