Wednesday, April 1, 2009

GBP USD channel resistance

gbp usd 240 mins

GBP-USD 240 mins chart

As I had written late last week, weakness was expected through the market and that has been the case with all the majors having fallen sharply against the USD. We have although seen an equally sharp rise through all the three session today. This upmove provides an opportunity to those wanting to enter to move in for short trades now.

I have marked the GBP-USD Parallel channel on the 240 minutes chart. Currently price is at the upper line of the channel. The area also coincides with .382 Fib retracement of the downmove. Good place to open up shorts.