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Thursday, March 31, 2011

Trend for 31st of March 2011

If you remember I wrote about an uptrend that I expected to develop in gbp/usd. It did happen today and you could have made some nice profit on the move up in the pair. It has already made some pretty fast reversal and I am out of my trade that I entered yesterday when the pair broke out. Today I am more looking at gbp/jpy pair and I see some possible down trend in the process of developing.

I see two points of support at 132.90 level and the pair failing to continue its’ ascend. So, 132.90 level can be broken pretty soon. At the time of writing it is under assault. I am not entering yet, but waiting for some retracement from the level. If the pair fails to go beyond resistance again, then I will short the pair when it passes below the support. So much for today. Look at the chart to better understand what I mean. See you tomorrow. 

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