GBPUSD pair has reversed as expected during previous weeks.

Now, while now bulls are trying to bring the pair higher again it looks that they are running out of steam and expectations are for the pair maximum swing high around 1.9770 area.

There with Fibonacci resistance point and trend line resistance GBPUSD should descend again, where we will be looking for the opposite side of the triangle to be broken.

If so, there will be yet another retest of 1.9350 area after which the targets will be set to 1.9100.

Forex trading by practical trader.

This entry was posted on Sunday, June 8th, 2008 at 4:32 pm and is filed under Daily market comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.