GBPUSD (1.6141)
Mark Ryan Zeidus from Z2FX at 12/21/09
GBPUSD (1.6141)
GBPUSD is moving in a nice downward trend and looking good to head below 1.6000 level during next week. Mostly we will find traders looking to sell GBPUSD on rise to retracement levels and currently a good level can be seen around 1.6200 and this might be the initial selling point for traders during this coming week. RSI is on the lower side in daily charts but seems to have enough space to allow GBPUSD to make a move towards 1.6000 level.
Recommended Trade:
Sell GBPUSD @ 1.6200
Stop @ 1.6260
Profit @ 1.6050
