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Thomas Long, Course Instructor

gbpusd 052510

This market is in a downtrend, so we want to look for selling opportunities. Traders can take advantage of this recent range by either selling near the 1.45276 high or waiting for a break down through the 1.42261 low before selling. Protective stops should be above the high or if selling on the break down through support, a lower resistance level on the hourly chart might offer a lower stop level to keep the risk smaller.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.