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Hedge Fund Connect

Trading Call: Short the GBP/USD pair

As at close of business today, the GBP/USD pair has just completed a bearish key reversal pattern. 

A key reversal occurs when the following happens:

1.) An extended bullish decline in prices for several price periods. In this case, the GBP/USD pair has rallied all the way from a low of 1.4015 in April 2016 and got to a high today of 1.4768  Now that is a rally of over 700 pips. This rally is long overdue for a correction guys!!!

2.)  The market makes a new high and then closes significantly below the previous day’s low.  This just happened today! The market made a new high of 1.4768 and then as I write closed at 1.4532.  Yesterday’s low was 1.4599.  Therefore, today’s low of 1.4532 is significantly lower than yesterday’s .

These two conditions present an opportunity. I have gone short myself and would be posting the screenshots shortly.

Good luck guys.

SHORT AT 1.4535 AND PUT A STOP LOSS ORDER AT 1.4768 .  POSSIBLE INITIAL TARGETS ( THE 100 PERIOD MOVING AVERAGE 1.4425).

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