19 Jun 2009

GU Analysis:
In US, The number of people receiving unemployment aid fell for the first time since early January.

In UK, retail reported worse than expected results.

These are enough to push the pound lower and given that there are also no major news to disrupt today.

However, trading has been in the range 1.66 and 1.62, bouncing up and down at the median support and resistance at 1.635.

This is an interesting development, as the range 1.66 and 1.62 is all within a day trading, meaning that target can be reach within a day.

Trend: Range trading until breakout at 1.66 or 1.618
This is an interesting article on range trading: