Monday, 27 May 2013
GBPUSD update
The green declining channel from my previous post here is a good guideline to see what GBP is doing right now. The correction to the area shown with the last red ellipse may be over and the decline should resume.
Taking a closer look, I can see a potential declining channel in blue. This looks like a stretch because it needs a hit & bounce on the upper band first for confirmation but looking at it together with the green channel, this may be the route downwards. Hope it helps.
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