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Thread: thetradesclub.com - Daily Report GBP/USD

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    Default thetradesclub.com - Daily Report GBP/USD

    chart:
    April Fools Day, 2009 [FOREX REPORT]
    GBP/USD
    Weekly Trend direction: Bearish
    Weekly trend reversal level: 1.4780
    Key G7 resistance levels: 1.4360/1.4400, 1.4440, 1.4520
    Counter-trend opportunities:
    Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels
    after an entry signal.
    Today's trade suggestion:
    . The pound has actually broken below the weekly reversal level in the past few hours and
    has turned bearish overnight. We are at the key 1.4200 support (50% of the recent rally)
    which has provided somewhat of a barrier to the continued down-move so far. There is a
    counter-trend opportunity here, to buy at or near 1.4200 ONLY AFTER A CONFIRMATION to
    buy from a G7 signal. Use small positions and buy for a target of 1.4430. Then look to sell
    the pound either here or at 1.4500 to go with the main bearish trend back down to 1.4200
    and then 1.4000.
    Update: Unchanged. Resistance at 1.4362 triggered a perfect sell entry
    Summary:
    Sell rallies to resistance levels after a G7 confirmation. Target 1.4200.
    Last edited by thetradersclub; 04-01-2009 at 07:55 AM.

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    Default

    Quote Originally Posted by thetradersclub View Post
    March 23, 2009 [FOREX REPORT]
    GBP/USD
    Weekly Trend direction: Bullish
    Weekly trend reversal level: 1.3840
    Key G7 support levels: 1.4300, 1.4200
    Counter-trend opportunities:
    Strategy: Whilst above the weekly trend reversal level buy dips to support levels after
    an entry signal.
    Today's trade suggestion:
    The pound has moved higher in sympathy with the general (and dramatic) round of dollar
    weakness last week. However, the rally has been anything but impressive in comparison
    to, say, the euro. Nevertheless, the bullish direction has been established for now, and we
    look to buy dips to support levels which lie at 1.4300 and 1.4200. Watch and wait for the
    price to move lower to these levels, watch for a clear sign of reversal after a G7 entry
    signal and then buy for a target of 1.4600, and maybe 1.4800. The pound may have to
    play catch-up with the euro this week, so we may get a strong rally. As with the euro,
    currencies are likely to be range-bound for a good part of the first half of this year (and
    perhaps all of 2009), so there will be many opportunities to trade in both directions at jey
    support and resistance levels.
    Summary:
    Buy dips to supports at 1.4200 or 1.4300 after a clear reversal signal. Target
    1.4600 and maybe 1.4800.
    Hello thetradersclub

    Welcome to the forum

    Pound still strong against the dollar despite the fact inflation up 3.2%

    current price 1.4754 http://forum.fxopen.com/showthread.p...388#post388388

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    Default

    the pound has weakened than expected

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