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GBP/USD “Bargain Day” / Supply Level of Interest

Posted on August 18, 2009 at 19:33 in Trading Desk by Ryan O'Keefe

Howdy Folks,

So GBP/USD pulls off a big ol’ rally today which puts me into “bargain day” mode as it relates to recent GBP/USD selling. I never like to pay full price for a trade that I can sell at a bargain so today’s price action is of interest. This is the type of day we talked about in the Monday webinar so it will be interesting to see how this plays out. The GBP/USD has rallied just below a potential supply zone near the round number $1.66. I’ve marked up how I see the daily and hourly chart.

Of course, I could be totally wrong which is why we use stops eh?

Best of luck,

Ryan

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