11m 43s: Lenght

The GBP/USD downtrend shifted into high speed yesterday after the minutes from the prior meeting of the Bank of England's Monetary Policy Committee (MPC) revealed a dovish tone from the central bank. What the pound exhibited during the first half of today's New York session was a classic move commonly seen in a strong downtrend -- a bounce at the 21 ema, followed by a cross of the 5 ema and 8 sma. Conservative traders who subsequently took the short trade entry at the 5 ema netted 55 pips at London close. The move on the EUR/JPY which coincided with the open of the U.S. equity markets produced a similar level of profit.