August 4, 2011
GBPUSD Was Never Bullish Despite the rally this week after finding support at 1.6250, cable was unable to take out the all important 1.6500 level. It was only a close above this level that turned the bounce off of the 1.5770 low into a true rally. Alas, price failed at 1.6440 and we find ourselves back at the 1.6250. Previously, GBPUSD remained bullish as long as we had a 4-hour candle close above 1.6250. However, Thursday’s price action resulted in a candle that closed below the 1.6250 large quarter point. Though price remains above 1.6250 as of this writing, the pair has given a huge signal to further direction heading into US non-farm payrolls.  Trade what you see!

GBPUSD Was Never Bullish

Despite the rally this week after finding support at 1.6250, cable was unable to take out the all important 1.6500 level. It was only a close above this level that turned the bounce off of the 1.5770 low into a true rally.

Alas, price failed at 1.6440 and we find ourselves back at the 1.6250. Previously, GBPUSD remained bullish as long as we had a 4-hour candle close above 1.6250. However, Thursday’s price action resulted in a candle that closed below the 1.6250 large quarter point. Though price remains above 1.6250 as of this writing, the pair has given a huge signal to further direction heading into US non-farm payrolls. 

Trade what you see!

11:19pm  |   URL: http://fmfx.tumblr.com/post/8505396186/gbpusd-bearish
(view comments) 
(No. OF NOTES: 2)
  
FILED UNDER: GBPUSD 4hr chart trading commentary 
  1. fmfx posted this
blog comments powered by Disqus