GBPUSD - Intraday Strategy (06 Feb 2013)

Pivot: 1.5677

Recommendation: SHORT positions below 1.5677 with 1.5630 & 1.5570 as next targets.
Alternative scenario: The upside breakout of 1.5677 will call for a rebound to 1.5725/770.
Comment: The pair put a temporary top at 1.5677, as long as this level holds more loses are suggested ,but also momentum indicators are mixed, so break of 1.5677 will bring strong bullish momentum towards 1.5725/1.5770 levels, break of 1.5630 current low will extend the bearish move to 1.5570/30 levels.

Best Regards

Haitham

Tags: GBP/USD, GBPUSD

4 members like this

Comment by Mai Gamal on February 6, 2013 at 6:13pm: SHORT positions below 1.5677 with 1.5630 & 1.570 as next targets

i think th t/p2 will be 1.5600

Comment by Mai Gamal on February 6, 2013 at 6:15pm: thanks for your recommendation .. really great

Comment by ALI MOGHRABI on February 6, 2013 at 6:18pm: is it good to short at this price Haitham?

Comment by Haitham653 on February 7, 2013 at 2:12pm: The right entry for short is below 1.5630 yesterday's low, but I went short around 1.5660, to minimize risk, my stop was almost 20 pips, after breaking of 1.5677, I went long , the second target of long trade almost achieved...