GBPUSD now testing resistance…

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The GBPUSD has been consolidating below 2.0500. The resistance is being tested and the market has support below at 2.0490 now.

Volume is down on yesterdays trading. This sluggishness is reflected by a overbought 4 hour chart which is why I’m not whole heartedly investing in the pound right at this moment.

My sentiment is bullish. I have made my money for the day and am happy now to enjoy a great weekend.

I would expect that long trades will see profits this afternoon if the market picks up steam a bit.

Otherwise I am patient and vigilant until next week.

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This entry was written by Sam Beatson and posted on October 19, 2007 at 12:31 pm and filed under Forex Trading. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL.

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