Tuesday, September 7, 2010

Unfortunately Vanessa still hasn’t dropped

Forex Trade Tips :-
Pound's rally from Thursday's low at 1.5350 extended on Asian session and the pair reached Sept 1 high at 1.5490 where it was rejected and dropped aggressively, giving away more than 100 pips, dropping to session lows at 1.5380.

The pair has defined an attractive short area at 1.5490, according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, aiming to 1.5325 area: "With the pair still poised just below 1.549 at the moment, we see this as an attractive area to go short, setting a stop just through 2-week downtrend resistance (around 1.5540) and looking for a return towards 1.5325 (31 Aug low and former Fibonacci retracement level)."

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