GBPUSD 4-06-07

4-6-07

GBPUSD

There was a long trade entered in the GBPUSD at 1.9695 yesterday. The trade was entered with a buy stop once the GBPUSD traded below 1.9695 and, fortunately, the GBPUSD managed to rally to 1.9732 on the rebound. The trade was closed at 1.9722 with a trailing stop. Based on the 180 chart, the GBPUSD looks like it might rally above 1.9715. There is a fairly large area of supply at 1.9752. If the 180 candle closes above 1.9715, the range will be 1.9715 to 1.9752 to be aware of during the NFP report this morning. I will pass on trading this small range.