April 20, 2009 [FOREX REPORT]
GBP/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.4580
Key G7 support levels: 1.4680, 1.4580
Counter-trend opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after
an entry signal.
Today's trade suggestion:
With the majors in such a mess, the pound has managed to cling to support and maintain
the bullish direction. That having been said, the weekly chart exhibits a classic “shooting
star” candle pattern, with the spike high at the 1.5000 level hard to break. For now, we’ll
stick to the bullish direction, with supports at 1.4680/1.4700 (the 78.6% Fibonacci level)
and 1.4580 (the weekly reversal level) Right now, we are near the 1.4700 level, and we’ll
watch and wait for a clear G7 buy signal before entering a long position for a rally back to
1.5000. This week is likely to be as messy as the past two months, so be prepared to trade
nimbly and carefully.
Summary:
Buy dips to support levels above after a clear G7 entry signal. Target 1.5000

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I have bought GBP/USD yesterday

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