GBPUSD 1-22-07

1-22-07

GBPUSD

The GBPUSD pullback long trade to 1.9720 on Friday was a 10 pip loser on a spike down to the day's low of 1.9688. The GBPUSD then rallied to a high of 1.9760 and closed at 1.9744. There is resistance at 1.9747 and 1.9770 and no real support until the daily area at 1.9644. I will pass on trading the GBPUSD until it breaks out past 1.9760. If that happens, I will buy a pullback to 1.9760 with a first target of 1.9800 and a second target of 1.9840.