GBPUSD 12-3-06

12-3-06

GBPUSD

The move higher in the GBPUSD has been amazing. The question is do we take a breakout first thing this afternoon, or do we wait for a
pullback to 1.9802 to happen after the breakout. The answer may be academic depending on what time your platform opens for trading.
If it is like last Sunday, the GBPUSD could open 50 pips or more higher at 4:00 PM Eastern time with the traders from 1:00 PM pushing it up.
The pullback to 1.9802 will be where I next enter a long trade in GBPUSD with a first target of 1.9850 and a second target of 1.9900.
We will try to hold the last contract with a wide stop loss since the areas of supply above are from 14 years ago. I am more concerned with the currency funds selling to lock in yearly gains.