GBPUSD—hovering

Cable has finally exceeded the .618 retracement attaining a high of 1.5998 Friday. Since then price has been contained in the fairly narrow range of the three-hour candle that achieved that high from 1.5916 to 1.5998. It's near the middle of that range now, current offered about 1.5958.

I had a buy order that was executed at 1.5869 early Friday and I'm still in the position. However the pair must successfully overtake 1.60 and also stay above the psychological round number of 1.59 to make upward moves likely. It's possible that the pair could get to the

Resistance is at 1.5958, 1.6000, 1.6070 (Feb. 2010 high), and 1.6276 (Jan. 2010 high). Support is at 1.5958 (roughly where it is now), 1.5900, 1.5820, 1.5696 and 1.5530.

Here's the three-hour 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.