GBPUSD—retreated a bit

The pound has pulled back to a low of 1.5301. This is the point where it broke out this morning from its expanding triangle or broadening pattern. There's a bit more room for a pullback to 1.5282, the bottom of its small channel or 1.5269, its overnight high. I may add to my long position, depending on behavior in the next few minutes.

Support is at 1.5282/69, 1.5210, 1.5174, and 1.4978. Resistance is at 1.5332, 1.5382, 1.5520, 1.5415, and 1.5816.

Here's the 30-minute chart:
















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.