GBPUSD 12-24-06

12-24-06

GBPUSD

There was a pullback long trade entered in the GBPUSD at 1.9632 early on Friday morning. The high after entry was 1.9679. The GBPUSD sold off without reaching the 1.9700 area to enter the short trade. The GBPUSD again sold down to the low of the range near 1.9560. Any kind of bounce should stall near the 1.9644 to 1.9660 area. I am going to wait to enter a long trade near the 1.9500 area next. You can try to trade the 1.9600 area long if you lock in a profit near 1.9644 and move the stop to entry. The market will be thin and the GBPUSD could move back to the 1.9700 area where we know there are sellers. It all depends on your brokers schedule for the holidays if you will be able to participate.

Merry Christmas