Technical Analysis

2012/07/31

GBPUSD - Expecting Decline.

Yesterday's low was 1.5671 and the high 1.5752, price was 1.5709 at end of day.Major resistance lies at the 1.5830 level while the major support threshold is 1.5568.
For today, we anticipate an overall decline in price.If you're going to enter this market, we believe the 1.5724 level is a good place to sell into the market.
Should the market trade through the 1.5691 support level, look for a minor breakout.
If you are already in the market or get into the market around 1.5724 , we believe it prudent to take profit if the market reaches 1.5613.
If the market moves against your position, limit your risk by getting out at 1.5782 .

Orientation	Entry	Target	Stop
SHORT	1.5724	1.5613	1.5782

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