GBP-USD
Date: 08.01.2012 Time: 16:40 Rate: 1.5428
Strategy: Short/Long
4 Hour Chart
The price is very close now to the lower ranging level on the 1.5410 price level that is used as a strong support level as well. It is possible that from this level the price will climb again with the purpose to correct a third to two thirds of the last downtrend (black broken line) meaning between the 1.5488 and the 1.5557 price levels. on the other hand, a breaking of the 1.5360 last low will sign the confirmation for the breaking of the lower ranging level, the target of the price in this case will be the size of the range thrown downwards to the 1.5045 price level.
You can see he chart below:
http://www.real-forex.com/charts-daily/r/01/09.01.2012/7.jpg
