FOREX GBP/USD 17th June 2008 Recap

"Expectation that GBP would have an UP day on Monday and then look to sell down from a higher open on Tuesday using the Weekly 50% level as a trend guide.

However, Monday's UP day ended up moving higher than expected, breaking out of the 3-day range.

Breakout of the 3-day range will normally move into the highs the next day, but it also comes back to re-test the 5-day 50% level on most occassions.

Therefore:- Tuesday's highs are view as resistance to trade back down into the 5-day 50% level...."

Premium Report 17th June


GBP Daily and 3-day pattern

Tuesday pushes up into the 3-day highs and reverses back down into the 5-day 50% level closing out the trading day....


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