Signal for 11/06/2009 for: GBP/USDBefore we get started with the daily analysis of the pound let’s take a little trip and recap the price activity of yesterday’s session. The 1.6300 level that acted as resistance did broke in the late US session on Tuesday to act as support level which held well through out the Asian and London session. As I said in the previous analysis, the pound would be a tricky pair to trade due to its big move experienced since the week started. Nevertheless, it did reach the first profit target set at 1.6455. Then price suddenly changed direction and fell by nearly 200 pips to break the 1.6300 level that acted as a strong support. However, price did manage to turn around one more time and ended up trading above the 1.6300 level once again. Thus, we have enough insight that 1.6300 level today 11.06.09 will be an important level to have our eye on. I personally did not take the GBP/USD trade yesterday as I booked in a nice profit on the GBP/JPY earlier. Ok now let’s see what the Pound has to give us in today’s trading sessions. R3-1.6706 I strongly believe today we will have another rally up if 1.6300 level still holds. I will be looking for only buy signals today. I won’t go taking any sell signals, as I believe the retracement we were meant to have is over. So let’s look at the scenarios that may trigger the buy. The pivot point, which is at 1.6355, is acting as a strong support due to some clusters being formed around that level. If price stays above that level at the European open, it will be a good opportunity to take a buy with first profit target at 1.6420 (due to some major clusters formation at that level). My second target will be 1.6465. Note: If trend is strong enough, we may reach the 1.6600 level when both London and US session overlaps. This may be our third profit target if ever price breaks above 1.6465. Ps- I take my trades off the 15mins timeframe and usually wait for the European market to look for trades and enter position when London market opens. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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