GBPUSD

This one hit the 61.8 fib perfectly then moved lower.
Im short on this currently and my stop is above the 61.8 fib area.
If this finishes below yesterday low (1.5325) then i can see this heading back down.


dl.dropboxusercontent.com/u/4899609/gbpusd24thjuly.png

Diver - nice charts and agree from a longer terms perspective on bearish stance..

although in the short term been playing this and posted on chat earlier in the week.....need a break n hold abv 15282, notice the projected move should this play out and it just may kiss the broken TL..

original chart posted:



dl.dropboxusercontent.com/u/40497882/gbp_usd4hr.JPG

and now....



dl.dropboxusercontent.com/u/40497882/gbp..._4hr_20th%20July.JPG

rgds WS

dl.dropboxusercontent.com/u/7238706/USD%20SpotWkly.png

Having broken a triangle going back 4 years in February last this continues to look bearish.



dl.dropboxusercontent.com/u/7238706/USD%20SpotDaily.png

Closer in, the daily......
Obviously this could go two ways but, the bearish version looks like this. The price is currently bang on resistance so I'm expecting a small retrace - though it could just turn from here - before continuing the push up towards the 61.8%fib at 1.5394. Then we turn down and head to 1.4203, and possibly lower.

At last I seem to have found a combination which allows me to see candlesticks with ease. Being colour blind you would think I would have discovered black and white well before now

Still Falling... 1.490x might be the next support point.

Jackozy wrote: Scratch that - already been taken out!

It was tempting Jackozy, but the move downwards is too violent right now!

I *might* go long at 1.5000 if the oppertunity and technicals are confirmed. What I don't want to do is get caught out on a classic "counter-retail" trade; i.e. because it has bounced around that level, I'd assume it will do that again and Bam! it will fall right through

Still watching it closely!

Good luck!

Scratch that - already been taken out!