GBP/USD
Cable has been consolidating for 4 days now. I think it’s time for a move outside this triangle like range.
Watch out for a close outside the triangle I’ve drawn for you. Hopefully it won’t be a fake breakout and we will see cable shooting at least 80 – 100 pips in that direction. I’m counting for a break below. A bar closing below 1.9805 is the signal to go Short; while the Long trigger is way up at 1.9960.
GBP/JPY
GBP/JPY stayed in a huge range, +900 pips for two months now. Today it broke through the support going down over 100 pips, then price returned quickly inside the range. On the 4h chart no bar closed below 204.60. A bar closing below this level will signal a further drop in this pair, one I am willing to take it that happens. I think the upside potential is limited at 205.85 today. I wouldn’t take any trades between 204.60 and 205.85, there is no clear direction between these two levels!
I wish you a profitable week trading FOREX!
OptimusLH
Please keep these excellent posts coming. Thank you.
Hi,
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Thank you
You are very good in analyzing the GBP-JPY and GBP-USD thanks for the the nice posts and keep it up. By the way i would like to link exchange with your blog if you don’t mind please drop me a confirmation on my blog comment at http://deforex.blogspot.com.
That was a great article, it really gives you a good taste of forex and the current market situation. Thankyou very much.
Another place I have found which has very similar and informative aricles is Forex Traders Edge
Thanks once again,
-Jeremy.
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