FOREX GBP/USD 29th February 2008

GBP trading above the Weekly breakout, but it has stalled under December lows, and looking to consolidate on Friday between those two levels.


Thursday moved higher off support, and on Friday support should be used again.

I would have liked for the R110 pip high to have completed, and then use 1.9938 as a Risk for any reversal back down on Friday....

But at this stage there is no probability pattern:- it either consolidates above the Weekly breakout and heads higher into Friday..

Or it breaks support and moves back down towards the 3-day lows, like what has occured in the Australian Market today.