Wednesday, February 10, 2010

GBPUSD - BOLLINGER CAUTION

The GBPUSD had a nice dip as expected from our daily market, and i guess we might see a reversal if this conditions are met in the immediate term.

Considering the chart below from the 1hr timeframe. The Williams %R is fraustrated with the downturn and we have a confirmation for a trend reversal with the BB trendline break (the green line) and a defined support zone (the red line). I will be waiting for a long with a bullish candle closing above the lower BB (if we see that soon) below the red line zone should define our stoploss and the profit should run as much as the upper BB of the 4hr chart.

Let's watch.

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