Despite the fact that gbp/usd move down
got slower, it is still going south. It seemed that there was going to be a
reversal today. Why? If you look at 15 minute chart you can clearly see that
Monday low did not exceed Friday low. It actually resembled a double bottom
pattern. However, during European session today the lows was taken out and new
low was made. Yesterday lowest point was at 1.5340 while Friday low stood at 1.5335.
Now American session is in full swing and the lowest level today is 1.5304. The
fall may continue further.
The best play for such
market is, of course, selling rallies. Such an opportunity presented itself
right on the London open. Three arrows on the chart indicate a reversal, which
shows that counter trend rally is over and price is about to move down again.
It is also obvious that 200 ema acted perfectly as a resistance level on 15
minute chart. Just look at those candle pins to see for yourself.
No comments:
Post a Comment