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MORNING BRIEF
Location: BlogsMy journey with GBPUSD    
Posted by: ForexPlane.com Editor 3/30/2007 6:54 AM
Overnight, prices touched the support again and moved up slowly but nicely up. Looking at the 240-min chart, we're moving up along the trendline channel. If we can past NY session 1.3350, that would be our nearest resistance. Then even round number 1.3400 would be next.



GBPUSD is currently contracting and ready to pounce at anytime. From the look of things, this consolidation is possibly a continuation pattern, given it's move up before resting near the highs. Most consolidations patterns usually show a continuation tendency. Once the breakout happens, we'll know then. Looking at 1.97 as upside breakout point and 1.96 as downside breakout. Once they're broken then we can consider taking a position.
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