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GBP/USD - British Pound Dollar, European Session - 09/07/08

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08 July 2008 @ 10:41 pm EST

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1,9721. GBP USD is in an downtrend directed by 1H exponential moving averages. GBP USD is in a consolidation after the last bearish movement. The volatility is low. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The price should find a resistance below 1,9750. The downtrend should continue to gather momentum.
=> We could take a short position at 1,9730. We will put the stop loss above 1,9775 (-45 pips). The targets are 1,9650 (+80 pips) 1,9600 (+130 pips) 1,9500 (+230 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.

Resistances: 1,9740 - 1,9775
Supports: 1,9675 - 1,9650

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NEXT ARTICLE : EUR/USD Technical Analysis 9 July 2008

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