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Technical Trade - GBP/USD
Monday, February 18, 2008
GBP/USD
 
GBP/USD TRADING PAGE
SPOT TECHNICAL SIGNIFICANCE RECOMMENDATION POSITION
1.9785(M) Daily High Feb 4 Flat On A Failure

SHORT at 1.9523

open 18/02/08
time 08:53
target 1.9337
stop 1.9605
1.9741(M) 61.8% of 1.9960 - 1.9388 Sell Failure, Buy Break
1.9675(M) Hourly Resistance Feb 15 Sell A Failure
1.9600(W) Psychological Level Buy A Stop Above
1.9525 23:10 GMT MON 18 FEB  
1.9444(M) Daily Low Feb 11 Cover On A Bounce
1.9397(M) 30-Day Lower Bollinger Cover On A Bounce
1.9388(M) Daily Low Feb 7 Cover On A Bounce
1.9337(S) Trend Low Jan 22 Take Profit

The market has made a sharp decline from 1.9740 (last Thursday"s high, 61.8% retrace 1.9960-1.9388 down-leg), the overall bias is for losses down towards 1.9444 (last Thursday low). A break below 1.9444 will accelerate losses down towards 1.9337 (January 22 low) where our take proft is situated, we have gone short at 1.9523. We have placed a stop at 1.9600. (MM) 12:33 GMT
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