7 May 2009

Surprised by the rebound back to resistance level at 1.516.
GBP may retrace and hit new high towards 1.526 and 1.538.

But charts say other wise, showing oversold and may gave a series of bear run. Strong support at 1.5, then 1.47.

How to play? I will place a long at 1.5057, TP 1.5150, SL 1.50
Another long at 1.52o, TP 1.532, SL 1.51

Its about wait and see today if there is any bearish trend appearing, before any action in that direction.