The persistent bias of the Bristish Pound has continued its trend following movement inspite of the corrective moves it did from the previous week. The up and down swings were relatively wider as many particpants experienced. And this author is one of them. The 1.6180 - 1.6207 has proven to be quite a good support price from the previous week. The 1.6742 new high currently established is a minor resistance. We are foreseeing a ladder formation upwards as a continuation for the near term.
On the corrective movements, whenever a given signal coincides between the 4 hourly chart and the weekly chart of the pound that may well mean that another upturn is in the making. Although, the real potential for the GBP / USD is quite substantial, the market may not give the opportunity to take a bigger slice of the next leg up, unless one has to have quite of a bigger tolerance levels. Meaning that whenever a position is taken, it would have to sustain a floating loss that may trigger any stop loss orders. This happens every now so often if such stop loss orders are within the range of the days' high and low; expect that it will simply take such orders. Avoid creating this opportunity for the market makers / dealers to simply grab such orders and later would continue with the trend.
Watch the market attentively and please avoid unneccessary loses in between trades!
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Note: When you click on the featured chart, it will direct you to our website which is under construction at the moment. However, click on " Market View " and it will direct you to the analysis report as of the 30th of June 2009.
Thank you and Happy Trading!
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