Trader_97
Short

POUND MAY CONTINUE TO DECLINE AND POST FRESH LOWS

FX:GBPUSD   Pound Sterling/U.S. Dollar
27 0 0
AFTER LAST WEEKS HUGE DECLINES WE ALREADY KNOW THAT THE BEARISH TREND IS SET AND ONLY GOING TO RESUME ONCE RETRACEMENT HAS RUN ITS COURSE BUT WHAT ARE THE BEST AREAS TO ENTER THIS SHORT POSITION ? WELL IN MY OPINION SINCE WE ARE CURRENTLY STILL HANGING ON TO THE SUPPORT AT 1.5026 AREA WE WOULD ONLY NEED TO BREAK ABOVE 1.5106-08 AREA TO SEE A RETEST OF SUPPORT TURNED RESISTANCE AREAS FROM JUNE AND SEPTEMBER OF THIS YEAR WHERE WE MAY SEE ANOTHER SHARP REVERSAL BUT IF WE MANAGE TO HAVE A BREAK ABOVE THAT 1.5160 MARK AND GO ONTO TEST THE RECENTLY BROKEN SUPPORT TURNED RESISTANCE FROM NOVEMBER 5TH AND THE BROKEN TREND LINE SUPPORT THAT WOULD BE THE BEST AREA FOR PLACING SHORTS AND WAITING FOR A MOVE BACK TOWARDS THE DOWNSIDE ALL THE WAY TO 1.48 AREA.SO HERE ARE SOME OF THE LEVELS YOU MAY WANT TO KEEP AN EYE OUT FOR RESISTANCES 1.5106 1.5160 1.5244 , FOR SUPPORTS 1.5026 1.4944 1.4862
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