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gbp usd update

01/05/2011

The GBP follows a similar story as Eur. I believe the 4 hr chart gives the best longterm picture of what we’re looking at. On Dec 20, we broke a significant trendline, and since, we have come back to retest it several times.

On the day, we are testing the 200 day sma. and on the 4 hr, we have a clear triangle developing, having bounced off the descending trendline and then having failed to make higher highs. On the hour, we haven’t picked a trend yet, so in my opinion this is either an area to trade the ranges, or sit it out until a trend develops. I am not as bearish on this pair as on the eur though – as I’ll illustrate on the eurgbp update.

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