JimMakos
Long

British pound's bounce

FX:GBPUSD   British Pound/U.S. Dollar
383 1 3
Morning all. First chart of the day, GBP/USD             daily. I am long at 1.6340.

Weekly chart also worth             noting.
yes, am long too since 6278. however, beware of the fact that the high/open of the currently weekly candle coincides with the 38.2% fib of the drop from the high on 01.24. how likely is it that we will get a weekly candle that will close right where it opened this week when the major resistance levels are still below? my guess is that we will not get a reversal. i'll consider myself lucky if the price even reaches my target of 6395. and i'll further wager (based on other considerations) that the 6400/50 level will be a good area to sell the 'rally' with a target of at least 6200 to eventually find support at the yearly pivot point around 1.6000.
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