Technical Analysis

2012/06/19

GBPUSD - Choppy & Bound, Looking for Direction.

Yesterday's high was 1.5744 and the low 1.5635.Major support and resistance levels are 1.5573 and 1.5783 respectively.
For today, price direction remains uncertain and could go either way.
For conservative investors, wait until either the 1.5634 support level and 1.5722 resistance is breached before re-entering the market.
For traders looking to take full advantage of a breakout, consider placing a entry stop or limit order on either level.
If you enter the market following a breakout, consider attaching a trailing stop order to let profits run while limiting downside risk.

Orientation	Entry	Target	Stop
FLAT - waiting for direction	Buy above 1.5722 Sell below 1.5634	None	Trailing Stop

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