GBP/USD trading

Where does it go from here? I've included a chart I'd like people to comment on. I'm considering holding my open position for a LT (2.03 - 2.04 range).

Comments? Suggestions?

Dave


<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1811277>
 

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Once we get to 2.0050 and break that last daily high of 1.9961 then theres a good chance. But you are looking for a 50% retracement from the long term down trend so it might take a while.
 

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Quote from SchraderTrader:

Where does it go from here? I've included a chart I'd like people to comment on. I'm considering holding my open position for a LT (2.03 - 2.04 range).

Comments? Suggestions?

Dave


<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1811277>
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Nice picture. At this point my best guestimate is for a double top of about 9970 then drop to possibly below 9800 before breaking for 2000. At least that's where I'd be watching closely for larger bounce down. Depends on what hour of the day because if the fundamentals are deviant from current it could drop before double top. Might be spent now at 9925 off from 45 but need a clearer set of indications before I'd sell. The E.W. count seems another pulse up to 9950 or above is possible today, then down. Radar is on.
 
I assume double top has formed if you look previously there was a double top, and people assuming it will 2.0 but it fell back to 1.93
I assume its preparing for a fall.. what you all say?
 
Quote from kalzayani:

Maybe will look Like this

24 hours
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Definitely between 1.96 and 2.01 in the next 24 hours? Thanks for narrowing it down for us.
 
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