Monday, April 9, 2012


For the past two weeks we have been following the formation of a triangle in GBPUSD. This is the chart that I showed you last week, and I said that the pair should start moving lower since we need one more leg down for the e wave of the triangle. Now we have completed the first wave down, and we are in the process of  finishing up wave 2, which should be followed by a sharp move down for wave 3. Then we should have some consolidation round the 1.57 level followed by another push lower to 1.56. Although the whole move should end at the 1.5560 area, it would be better to close all short positions at the 1.56 area. Here is the updated chart for this week.
Good Luck:)

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