Welcome to my Trading Blog

Disclaimer: This is my personal Blog, reflecting my very own views on Forex , shares and commodity tradings. As such, all informations provided here are barely for information purposes only,. The author should not be held liable for any errors, incomplete information, delayed messages, or for any actions taken in reliance on information contained herein.This blog is new, being established on 06,May.2010. While I am executing trades, posting will be sent simultaneously. The date/Time indicated here is of US Pacific zone(++15 Hours for Singapore/KL/Beijing, Or ++7 hours GMT)

Sunday, December 5, 2010

Gbp/Usd--- to head above 1.6000 near term ??

The pound has been tarnished with the euro because of geography and the debt problems in Ireland. The market action last week, with a Tuesday low of 1.5483, followed by a recovery above the 1.57 handle is showing signs of a reversal. Economic news from Britain has been not robust, but OK, and they do have some economic rehabilitation plans, unlike the Washington group. We do not favor new trades on a Friday, but will be looking for a long entry point next week.


Daily Chart Gbp/Usd




The Gbp/Usd shows bullish near term. On the above chart, a lift above 1.5865 (The Ichimoku Top Cloud Resistance will further confirm its bullishness toward its next level near 1.5986 (36.2% Fibo Retr), , follows by 1.6105 (23.8% Fibo Retr). 


However,  a drift below 1.5632 (Support 2) may confirm its longer term bearishness towards its next Low at 1.5000 , (Its 161.8% Fibo Ext.)
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)