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| News |
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Technical Trade - GBP/USD
Monday, February 18, 2008 |
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| GBP/USD TRADING PAGE |
| SPOT |
TECHNICAL SIGNIFICANCE |
RECOMMENDATION |
POSITION |
| 1.9785(M) |
Daily High Feb 4 |
Flat On A Failure |
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SHORT at 1.9523
| open |
18/02/08 |
| time |
08:53 |
| target |
1.9337 |
| stop |
1.9605 |
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| 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 |
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| 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 |
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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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