GBP/USD - 14th April 2010
Looking towards the short term, we can see a clear channel forming on the hourly chart. Some reasons for a quick short bias on Cable:
Take a look at the attached pic.
1. Channel is heading down. Not particularly steep, but headed down nevertheless.
2. AC has turned red. A possible sign of some more bears.
3. Stochastics have been hovering near the overbought area for a few hours now.
A 1.5400 area could well be established within the next few hours. It really depends on how strong this channel is.
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