I suspect price on the GBP/USD will continue to meet heavy resistance
Forexmentor.com Forex Trading Price Action
As you probably know by now, the commercial traders are extremely short the pound, as they are the aussie. So, today, I thought I'd have a boo at what's going on with the GBP/USD pair. Last night, well before the London open, the trend on the hourly and 15 minute charts was down, if you believe what the 200 EMA was telling us. Today, well after the London open, price rose on the pair to test that level - only to be repelled at news time. I suspect price will continue to meet heavy resistance there. Years ago, the 200 EMA was voted the best indicator to us of the 99 available to traders. So, when you see it trending, you want to pay attention to it, and price's behavior in relation to it. I have been asked why I focus on the London session. Well, it just happens to be the busiest of all the sessions, of which there are seven. Activity spikes up at the London open, and then falls off from there. The London foreign exchange market is the mother of all forex activity.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
As you probably know by now, the commercial traders are extremely short the pound, as they are the aussie. So, today, I thought I'd have a boo at what's going on with the GBP/USD pair. Last night, well before the London open, the trend on the hourly and 15 minute charts was down, if you believe what the 200 EMA was telling us. Today, well after the London open, price rose on the pair to test that level - only to be repelled at news time. I suspect price will continue to meet heavy resistance there. Years ago, the 200 EMA was voted the best indicator to us of the 99 available to traders. So, when you see it trending, you want to pay attention to it, and price's behavior in relation to it. I have been asked why I focus on the London session. Well, it just happens to be the busiest of all the sessions, of which there are seven. Activity spikes up at the London open, and then falls off from there. The London foreign exchange market is the mother of all forex activity.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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