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2007-04-14
Location: BlogsMy journey with GBPUSD    
Posted by: ForexPlane.com Editor 5/14/2007 7:43 AM
GBPUSD and EURUSD have started to make their deeper correct and have broken major support. Both are now coming back to resistance to test.

EURUSD has just moved up since Tokyo opening on Monday and is now currently just below Monthly Pivots. Lower timeframe will tell us if price action will convince us if the resistance will be held. If not, I'll look to short just below the pivot, near 1.3548.



As for the GBPUSD, I'll keep a close watch for the 50% retrace possible reversals. 1.9858 is 50% if not 2.0000 will be next resistance. I'll wait for the price action to confirm.



These shorts will be minimal as they are counter-trend trades, possible no more than 80 pips maximum, but 30-50 pips is possible.
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