Timing the Markets Trade Room offers Small Profit on GBP/USD Sell Signal

Currently we are in stand-down mode as the eur/usd appears oversold and the Cable (GBP/USD) is either in stall mode on the bear front with deeper targets at 1.6113 or it is setting up for a classic Friday stall or, it is forming a basic bull pattern to test 1.6260 -93, 1.6321-59 or up towards 1.6450.

I think we will move our focus to the EUR/USD for now or we may attempt a ‘half-margin’ bear breakout trade if it reloads. This being Friday, could be best to walk away soon as our Trading Room can settle on about net 7% profit on equity for in the week for what was sort of a slow week. We missed an overnight trade on Wednesday for about 70 additional pips – but that’s okay!

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Have a good weekend!

Britt Maras – Senior Currency Strategist

This entry was posted on Friday, July 10th, 2009 at 7:57 am and is filed under Trading Signals & Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.