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27/02/2014: I have just SOLD GBP/USD @ $1.66690

As with the Dollar/Yen trade, I believe that this bounce today is just back into resistance and that it has given another chance to sell for the retreat which I believe is coming back towards $1.6603 once more.

There is a downtrend intact from the high at $1.6726, while the falling 200 hour is also the basis of resistance at $1.6670, with a reaction high from yesterday at $1.6683

I have placed my stop at $1.67050 (36 pips) which is above the reaction high at $1.67010.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.