The GBP/USD is in a downtrend since late Nov 2009. With the strong gains (+240 pips) during today's US session (30.12.09), the pair has reached the upper trendline of the of the downtrend channel.
Applying a trend following strategy this is an opportunity for a short entry.
- P: 1.6080
- SL: 1.6200
- First target 1.5800
Please consider that liquidity is relatively low during holiday trade, which can lead to price spikes in either direction.
Hi Thorsten
ReplyDeleteToday (jan 02)i read your post.I think that your trend line is'nt correct.It must be drown from 17 Nov & 25 Nov & 16Dec in H4 timeframe.It's better to sell @ 1.6190.
Best
Hossein