Minor Trend & Primary Trend

5 thg 10, 2013

Open trade short @ 1.62. Bullish trend in place, any downside may be limited. Support should hold around 1.6000. Resistance is at 1.6260, a break above which would open to. The weak closing below the low of the previous few sessions suggests further downside risk. Given the near-term uncertainty over the US budget situation, GBPUSD will prove difficult to trade as the market is approaching uncharted territory.

Minor Trend is Positive. Primary Trend is Negative. The decline may be a buying opportunity.