FOREX GBP/USD 25th March 2008 part 2

GBP/USD intra-day charts

As previous report suggested GBP has pushed up into the resistance levels of the 3-day highs.

Valid resistance will be confirmed with price moving back under 1.9886, and then heading down into the first support level @ 1.9808 (right chart)

Around support there is a usual pattern of a 43 pip to a double 43 pip UP move, and then it decides whether it wants to continue upwards or breaks support.

A break of support and price is heading down into the 3-day lows.

A bullish pattern is a bounce off support and it heads back towards the 3-day highs (probably continue higher) and back towards the Weekly 50% level.....