INTRADAY ALERT 05.07.07

GBP/USD - British Pound Dollar
Short term (Intraday)
2,0188. GBP USD is in an uptrend supported by 1H exponential moving averages. GBP USD is in a consolidation after the last bullish movement. GBP USD is in a range between 2,0150 and 2,0190. The volatility is low. Bollinger bands are flat. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. The price should find a support above 2,0130. The uptrend should continue to gather momentum.
=> We could take a long position at 2,0150. We will put the stop loss below 2,0120 (-30 pips). The targets are 2,0220 (+70 pips) 2,0260 (+110 pips) 2,0300 (+150 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances
2,0175 - 2,0200
Supports
2,0150 - 2,0130

Updated 05 Jul 2007 07:00 GMT