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Saturday, 25 January 2014

GBP/USD H1


General Overview for 25/01/2014:

On Weekly chart the possible triangle formation might be done and short orders should be opened now BUT tho confirm this point of view the breakout below green trendline must happen on at least daily time frame.
On lower time frames one can see that the impulsive wave progression needs one more wave to the downside before the corrective wave 2 will start. The Key Level is 1.6556 - 1.6582 area: to continue with the strong bearish momentum it cannot be broken.
New high invalidates the count.

Trading Recommendations:
Add to the shorts on retracement to the level of 1.6582 area.
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