GBPUSD-- Close to Top (Bulls be careful)

27 apr 2016

From previous updates....bc leg ( 1.4005 + 0.0679) ....you get 0.0679 from (0a leg distance- 1.4515-1.3836 =0.0679) so I am expecting a target close to 1.4684 which will make both the legs equal in size....that is the reason... we went long @1.4570's for target -1.4684...(it jumped only 1.4638 & dropped)when 1.4515 was crossed very strongly . I am still open for 1.4684 target but careful if rising channel & level of 1.4485 is broken that will suggest ---we are heading south & shall fall good. If you are long once should be careful to book profits in the zone 1.4660--1.4685.
Trading Strategy
look for jump in the level closeby 1.4685's & break channel plus 1.4485 --look out to sell.

Regards,
Abhishek H.Singh,CMT