Sep 03
Thursday
Analysis and forecasts
Intra-day update on GBPUSD 09-03-09
by Liviu
closeAuthor: Liviu
Name: Liviu Flesar
Site: http://www.innerfx.com
About: I am an independant currency trader providing currency market analysis mainly for two reasons:
1. to improve my discipline, keeping a clear track record of my own thoughts, analyzing both my good and bad expectations on market moves;
2. sharing my thoughts with other traders, hoping they may benefit from my opinions and experience.
I don't call myself a veteran or trading guru of some sort as there's a lot more I have to learn, a lot more I have to see and my 8 years experience into currency trading is not enough proof that I will be successful during the next 8 years.
I dare to believe that my articles are useful to many traders from around the world and I strive to improve in my attempt to become a better and more accurate writer.
innerfx.com is my own project, a blog about currency trading where I share my commentaries and market thoughts. The site has been launched to address the needs of other currency traders and also to keep a track record of my articles. I am not fully dedicated to currency trading because I want to diversify my knowledge, therefore I am involved in different areas.See Authors Posts (1400) on September 3, 2009 – 9:45 am GMT |
4 Comments |
GBPUSD
I am currently into the long position initiated at 1.6310, on the hourly break of 1.6300 as indicated on my morning technical outlook report. The trade is going well as the market reached the 1.6375 resistance region fast after breaking 1.6300. While holding above 1.6300, odds favor further upside action especially on a break above 1.6375 which would be a solid bullish confirmation of the current structure. In case of a pullback towards today’s support zone into the 1.6300 region, I’ll close the current position at breakeven. Current exchange rate is 1.6348 @09:50 GMT
Support: 1.6300/10, 1.6250 and 1.6150
Resistance: 1.6375/80, 1.6450 and 1.6500

- GBPUSD hourly chart 09-03-09
Happy trading & a nice day to all of you!
Warning: Forex Trading involves significant risk of loss and is not suitable for everyone (full Disclaimer)
All the information on this site is provided "as is" for INFORMATIONAL PURPOSES ONLY, not intended for trading purposes or advice. Please check the Terms of Use
Sep 3, 2009, 9:52 am
I’m with you on this one but i just closed half on 60 since i could not resist the temptation :D
good luck to u too!
Sep 3, 2009, 9:59 am
Hi. I suspect that (potentially) breaking above 1.6375 will lead to the mother of all breakouts seen recently across the board :)
Probably everyone’s stop is above that level now (the sellers, of course)
Happy pipping!