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Constellation 1976's  Instablog

Discretionary Trader Speculating in FX and Commodity Futures.
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Constellation 1976
  • GBP/USD in Breakout mode 0 comments
    Oct 21, 2009 03:44 AM | about stocks: GBB
    Weekly and Daily charts show a clear Breakout in Sterling.
     
    Daily Channel has been probed yesterday and I am watching for a higher close today to confirm the breakout. This move is also supported by the steep drop in EUR/GBP which is targeting the psychological 0.90 level and below that is the 55-DMA at 0.8913.
     
    On Weekly chart the Pound is targeting the 89-Week MA at 1.7007.
     
    For more precision I have marked the previous Highs on Daily chart as they will act as primary Resistance levels on the way up:
    -> First level - 1.6739
    -> Second level - 1.7041
     
    Stocks: GBB
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