GBP/USD Bullish pull-back or Bearish Break-out ?!!
From the chart above we can easily see the new support level that the the pair already found at 1.6467 all we need is a four hour close below this level to give the pair strong bearish momentum ? from another point the pair on daily is trading around SMA 20 so it may find strong support and pullback toward 1.6750 add to that we had several separated support levels around 1.6430....
Recommandations : Upon the chart and the explanation posted above , my recommendation is selling the pair with a four hour closing below 1.6467 targeting 1.6165 and 1.5936 and stop loss 1.6585 , or buying the pair at 1.6470 targeting 1.6750 and stop loss 1.6415 if you wanna risk a bit , you don't have to take the second option !! but you are risking 60 pips for 300 almost nothing !!
Regards
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Comment by Haitham653 on May 4, 2011 at 12:56pm -
The pair is attacking EMA 50 on 4 hour around 1.6550 , a breakout above it should support the daily uptrend ...then the bullish pull-back will be confirmed?!! the next target would be around 1.6750 , a beak-out above 1.6750 should attack 1.7000..
Note: the pair may pass 1.6750 easily ?!!
04 May 2011 12:56 PM
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Comment by Haitham653 on May 5, 2011 at 5:51am
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Dark Cloud on Weekly ...not completed ...but.. we'll find out tomorrow !!
05 May 2011 05:50 AM
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Comment by Haitham653 on May 5, 2011 at 3:04pm
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I'm still holding my position short at 1.6521 from yesterday., the chart in the previous comment is obvious..I don't have to wait for a breakout below the support , the price retraced from the support level to the area between EMA 50 & EMA 20 ,then we had a reverse candle around that level , for this reason I went short before the breakout ?!! my stop a few pips above the high?!!
Regards
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