FOREX GBP/USD 14th January 2008

Overall Trend is down but has found support around the Quarterly lows @ 1.9504...

Any further weakness in GBP this week and expectation that January lows is the next level down.

Monday is opening near the 5-day 50% level, when price opens in the middle of the range on Monday the market can go either way:- push back down into Monday's support @ 1.9488...

Because price is already below this, then that's the view for Monday, at this stage...

There is no high probability trade on Monday because of where it is trading ;- resistance 1.9669

Don't trade shorts above resistance because it is viewed as a breakout....