GBPUSD 2-8-07

2-8-07

GBPUSD

The GBPUSD sold off this morning before it reached the 1.9758 area of supply. Sometimes when another currency pair reaches an area of support like the USDCHF did at 1.2376, the rest of the pairs will turn on a dime ahead of their areas of supply or demand. The range I still plan to trade is 1.9600 to 1.9758. Use buy stops and sell stops once the GBPUSD trades below 1.9600 and above 1.9758 to reduce the risk on the trades.