Thursday, 24 June 2010

Short GBPUSD @ 14937

The reason here is there is quite an interesting formation and a lot of volatility which the bears have won. If the DJ closes significantly down tonight I think there will be a bit of room for the currency pair to fall away overnight given how much the Asian markets are affected by the US.
The rule is you shouldn't short a short term double top if it turns into a triple top but the very volatile action at the top of the second peak leads me to believe the currency bulls were unable to push past the 1.50 level

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