Friday, January 15, 2010

GBP/USD channel top capped by 55-DMA

GBP/USD broke the resistance at the 89-DMA and now is capped by the 55-DMA as shown on the 4-hour chart.

The pound is trading at the top of the current channel structure and I'm holding short at 1.6332 with a view that unless we break higher than the recent 1.64 top we are about to correct some 200 pips lower to meet the lower channel range.

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