Studies by fxcm

Title: GBP/USD intraday: further downside
Summary: Update on supports and resistances.
Story: Pivot: 2.031

Our preference: Short positions below 2.031 with targets @ 2.0181 & 2.012 in extension.

Alternative scenario: Above 2.031 look for further upside with 2.0352 & 2.04 as targets.

Comment: the 30-min RSI is capped by a declining trend line. The 2.0310 congestion area maintains a downside pressure.

Date: 2007/12/06
Time: 21:36 (GMT +1)
Ticker: GBP
Last: 2.028
Pivot: 2.031
1st sup. 2.0181
2nd sup. 2.012
3rd sup. 2.0025
1st res. 2.031
2nd res. 2.0352
3rd res. 2.04

4 hour chart

daily chart

Yes I am very bearish on cable. Pero me thinks if we want to short the GBP not with the USD (just 2 weak dogs fighting each other) short it against the EUR (the top dog against one of the weak dogs). The EUR/GBP is close to breaking out a multi-year high. Watch out if it breaks the 0.7255 (on the weekly chart) with force we could see a long term bullish trade for EUR/GBP.

sarap nito!

Here is the EUR/GBP chart. This is a big picture monthly chart.