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FX.co ★ Gbpf Is Setting Up A Pullback Now Towards 1.5100

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Forex Analysis

2012-07-24T06:46:36
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Gbpf Is Setting Up A Pullback Now Towards 1.5100

Gbpf Is Setting Up A Pullback Now Towards 1.5100

Technical Outlook and Chart Setup:
Finally the single currency pair has produced an Engulfing Bearish Candle yesterday, hunting a pullback down towards at least 1.51 level. Resistance is now at yesterday's highs and prices would want to retrace before rallying further up, if at all. It is recommended to go shorts with stops above yesterdays' highs now. Trend line support comes in at 1.50.
Trading Recommendations:
Sell now, stop above yesterdays' highs, target 1.51.

Good Luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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