Gbp/Usd 1000 pips fall

Today is one of those days, when no matter what indicator you use, the only reasonable trade is to follow the trend and enter the market in rebounds against it. Gbp/Usd 4 hours charts indicators are way too exhausted, yet the pair already corrected almost the 38.2% of the last downleg, so if the pair can’t manage to break above the 1.5630/60 zone, the bearish continuation seems more likely for the rest of the day, with supports at 1.5410, 1.5358, andfinally the daily minimum around1.5270. Above 1.5650 upside could extend at least to 1.5715 zone and then to 1.5780, 50% of the Fibo mentioned
 
Taking a look at longer term charts, one wonders if there is a floor for the pair and where is it. The pair has accumulated almost 5000 pips free fall in the last 4 months, and looking at historical charts, the hugest accumulatedloss was of around 6400 […]

Original post by Valeria Bednarik

This entry was posted on Friday, October 24th, 2008 at 5:29 am and is filed under gbpusd, Long-Term Analysis, Short-Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.