Tuesday, April 5, 2011
Hourly Forex Trading Strategy #GBP - Overbought Leaves Cable at risk
The short term overbought condition after a solid five wave presents an excellent chance to reset short positions. Expect an initial decline to 1.6215 but with the potential to lose the 1.6150 pivot to confirm reversal. Only over 1.6400 threatens to extend the rally to 1.6510 as part of a larger expanding wedge pattern. (Ref:
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