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2007-05-16
Location: BlogsMy journey with GBPUSD    
Posted by: ForexPlane.com Editor 5/16/2007 6:41 AM
GBPUSD touched the bottom channel and quickly rebounded from there. It's possible the CPI news may have helped push the prices higher. In any case, the channel is intact for the moment. The only possibility is to buy the move up to the top of the channel. But it's at 50% so the momentum is still down. Not sure if there is a high probability trade here. Must be cautious here.



EURUSD seem a much better more bullish price reaction from the downtrend of last few days. The falling channel has been broken to the upside. Now it need from confirmation of it. But there is another bigger rising channel at work. For the last few days, the move has broken down through the channel, now it's moving back to meet that channel trendline. So at this point, there two patterns are in conflict of each other. Best to wait for further price confirmation before making a guess on its direction. In the bigger picture, EURUSD is still bullish.
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