11-18-06

GBPUSD

There were no official trades in the email from Friday, but I did say you could trade the 1.8850 - 1.8901 range. Hope you did.
The areas of supply up to 1.8950 have been absorbed. There already was a breakout of the small range between 1.8944 and 1.8932 on Friday afternoon and the area of supply near 1.8966 was touched once on Friday morning. The next area of supply is between 1.8988 and 1.9026.
I will either buy the first pullback to 1.8944, or I will buy the breakout of the next range that forms up near the 1.8966 - 1.8988 supply area for a target of 1.9026.