GBPUSD 12-19-06

12-19-06

GBPUSD

The GBPUSD pullback long trade at 1.9515 was triggered on Sunday evening, and the first target was reached at 1.9560 early Monday morning. If you moved your stop loss to even, and left your stop loss at even after the first target was reached, you were stopped out on the rest of the position as the GBPUSD traded down to the bottom of the weekly range near 1.9440. The GBPUSD has rebounded back to the 1.9500 area, and is above the moving average this morning. It may breakout above 1.9500, or it may stay in this range for another day. If the GBPUSD pulls back to the 1.9470 area, I will go long at 1.9570 with a 10 pip stop loss and a first target of 1.9520 and a second target of 1.9550. Move the stop loss to even after the first target and to 1.9490 if the second target is reached. The third target is 1.9600 to exit and go flat. I will trade the 1.9500 to 1.9600 trading range if the GBPUSD breaks above 1.9500 today instead of pulling back to the bottom of the current trading range.