Price Action - GBP/USD Who Could Have Guessed?

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November 15, 2006

November 15, 2006
From The Trading Desk of Peter Bain:

Who could have guessed? The commercial traders are extremely short the pound. Translation: The GBP/USD pair is headed south. Last night, well before the London open, we had negative divergence on the daily chart, a downward-sloping MACD with good angle and separation on the 4 hour chart, a downward- sloping 200 EMA on the 1 hour chart, and evidence of a down- trend continuation pattern on the 15 minute chart. After price consolidated into today’s session, all the while MACD neutralized back up to the waterline, it was ‘bombs away.’ Leg two of the downtrend continuation pattern kicked in.

And, oh yes, I hate to rub it in, but the USD/CAD pair is now up to 1415. You all who took my advice, and got into that trade, must be grinning from ear to ear by now. I’ll take that. Also, the euro suffered a downtrend continuation pattern too today and, just like clockwork, the Swissy pair (USD/CHF) came through with an uptrend continuation pattern pattern. So, the Three Muskateers marched to the same tune today. Hooray! Find out what you’re missing by joining the members area at www.forexmentor.com.

-Peter
forexmentor.com

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