gbp is returning to top of 4 hour trend line again
As I explained in great detail my ” April 2009 Results”… post. The gbp is returning to the same upper 4 hour trend line again. This may not happen tomorrow (monday) with it being an international holiday BUT this is an extremely important area again.
Price is above all the emas on the longer time-frame charts. It is “riding the 5″ ema on the 4 hour chart shown above. There has been a 34/55 ema cross up on the daily & the bollinger bands have opened to the upside on the same chart.The next long term target on the daily chart would be the 1.5600 area.
There are lots of indications that price is due to go up. However the vastly reduced number of traders on a bank holiday could mean that price just goes side ways for the day.
Final option is that it could bounce back down here ! Yep forex is that simple. Price is either going to go up, down or sideways !
But, you need to learn to look for important areas where price will react. I have shown you lots of examples of how to look for clues as to the next direction for price, here on the blog as well as the free lessons on the main site.
Good luck. I hope I am helping you learn to be able to trade for yourself. I have not met a forex robot yet that lives up to the sales hype. Signal services can work well for a while, but when they hit a bad patch you will have learnt nothing.
If you are serious about trading forex then you need to put in the hours to learn all you can.
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