GBPUSD - MT Strategy (16 Jan 2013)

Pivot: 1.6252

Recommendation: SHORT positions below 1.6180 with 1.5882 & 1.5753 as next targets.
Alternative scenario: The upside breakout of 1.6252 will call for a rebound to 1.6380/425.
Comment:Bearish momentum breakout has been completed on the daily chart at 1.6058, more losses are suggested as long as the pair trades below 1.6252, only a daily close above this level will reverse risks to the upside and target 1.6380/1.6425 levels.

Best Regards

Haitham

Tags: GBP/USD, GBPUSD

4 members like this

Comment by AHMED ABDELSALAM on January 16, 2013 at 1:00pm: please , what you mean , is this mean to close our order in selling GU or buy it now ????

Comment by Haitham653 on January 16, 2013 at 1:28pm: Hi AHMED..

This is mid-term view for GBPUSD not for Intraday trading ,the pair is under pressure with risk to the downside side as long as trades below 1.6252..

Anyway, you may add this analysis to your intraday analysis for more confirmation...for example: you can short when the pair is rejected from any resistance levels below 1.6252 levels...

Comment by AHMED ABDELSALAM on January 16, 2013 at 1:37pm: thanks , I would like to trade long later ENSHA ALLA

Comment by Haitham653 on January 19, 2013 at 9:56am: First target of short reached....

Comment by Haitham653 on January 19, 2013 at 9:59am: Forget one important point:

Downside should be contained well above 1.5730 levels, so we need to watch the pair between 1.5730/1.5880 levels on the daily chart anticipating rebound to 1.6000/1.6180 levels..