GBPUSD 12-29-06

12-29-06

GBPUSD

I passed on trading the GBPUSD yesterday at the 1.9555 area of support. The GBPUSD had a nice rally all the way up to the 1.9670 area of supply. The sell off took the GBPUSD down to the breakout area of support at 1.9583, and the GBPUSD has rallied back to the 1.9660 area again in the Asian session. The GBPUSD should find support at 1.9620 and resistance at 1.9700 which is the area that produced the sell off down to the bottom of the weekly range earlier this month. I would trade that range for today.