Forex Technical Analysis 25 September 2007

GBPUSD

Weekly Trend direction: Bearish

Weekly trend reversal level: 2.0350

Key G7 Resistance levels: 2.0280

Counter-trend opportunities: None

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.

Today's trade suggestion: Stopping abruptly at 2.0320, the pound has plunged lower to 2.0100 as expected. Allow for some backfilling from here back to 2.2000, and then another lunge lower to 2.0000.

Summary: Sell near 2.0200 for another test of 2.000 and then on to 1.9600.

GBP/USD Hourly chart:

Forex618 Trading Signals

GBP/USD Weekly chart:

Forex618 Trading Signals

By: Forex618

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