I’m looking carefully now at the GBPUSD. Looks like a trade might set up shortly, but will it be long or short? 
GBPUSD
The gold line on the chart above is the 200 EMA, and the red line is the 20 EMA. The 200 has provided support before, can it hold now? If it does I may look to go long the pound.
UPDATE 9th May 2011
Support seems to be holding at the 200 EMA. Let’s see what unfolds.
Support is holding at the moment
I like browsing the daily charts to have a longer term view of the possibilities of future market action. The euro hit resistance a couple of weeks ago and has resumed the long term down trend. It has broken two solid diagonal trend lines and is below the 200 and 21 daily EMA. The 21 daily EMA has been below the 200 since the beginning of 2010. Will we see 1.1800? Who knows and I don’t care – I just like looking at these charts.
EURUSD is in a firm downtrend
What do you think?