FOREX GBP/USD 27th March 2008

GBP/USD Daily and intra-day charts

GBP trading above the Weekly and Monthly 50% levels, along with the market trading in a 3-day BUY cycle.

Everything in the Medium term looks bullish, but there is a 'forward drop' in Friday's trading which suggests that Thursday 'could' be a down day......

GBP intra-day charts

Risk levels for Thursday above, if Thursday is going to be a down day then price needs to be trading below 2.0024.

Around 2.0024 we could get the usual 43 pip reversal 1-2 bars (UP)

Yesterday provided the Support and continuation upwards

Below 2.0024 and it's heading back down on Thursday...

Note:- down has a random length it could support price around the Weekly 50% levels, or it could go back and re-test the 3-day high breakout @ 1.9886