Chart of the moment: $GBPUSD 27 August 2010

by Gav 2010-08-27T08:01:47Z

Are we looking at something big here? I am not keen in shorting cable at the moment.

What do you think?

Comments

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Gav (Trader Gav) — Trackback2010-08-26 21:03:39 UTC
This is what I see now. $GBPUSD. Not too keen in shorting at the moment. http://fb.me/EvmLyawg
VanillaFx2010-08-27 09:09:00 UTC
Hi Gav, Been lurking in your blog for quite some time (: Some thoughts on GU, price is around 1.5450 S/R level and if we measure retracement of the previous up swing (from around 1.5123 to 1.5003), I think we got a confluence of 61.8. Maybe I'm not using the correct swing points but drawing the fibo, we can see price consolidating in the 38.2 to 61.8 range. Of course, this is on a larger picture so may no be applicable for trading smaller time frame I guess.