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GBP/USD Falls From $1.61

Posted on October 9, 2009 at 15:30 in Daily Trading by Ryan O'Keefe

Howdy Folks,

There were no decent bargain day opportunities this week however patience with the GBP/USD paid off late in the week. On Monday I posted a chart which marked a range between $1.61 and $1.58. Given recent price action my bias was to short the top of this channel near $1.61 and that is exactly what I did. I suspected nothing dramatic would happen on GBP/USD until after the BoE rate statement Thursday morning. The immediate result was a GBP rally but I didn’t believe it had any teeth because the BoE didn’t throw any surprises as the RBA did earlier in this week. I setup a classic support and resistance trade using broken support and the round number $1.6100. I sold GBP/USD at $1.6110 using entry orders. My profit target was the 61.8% ratio and I took 190 pips off this morning. There was more in this trade but a profit target is a profit target.

I hope you had a great trading week!

Don’t forget Monday’s webinar! You can register at this link by clicking on “Register for this Session”

http://www.fxstreet.com/live/sessions/session.aspx?id=9f2cb6df-bd6e-465e-9b5f-9763e8c3a86b

Have a great weekend!

Ryan

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