Trading Plan 6/23/04

Overnight again we had our fireworks, I think today
we might have a bit more action. MPC minutes came out
and they where surprisingly hawkish. 9-0 vote was
very strong and not expected from the BOE. However
that did not help bolster the GBP. Following comments
seemed more dovish. We saw continues weakness. There
where rumors of an Asian Central Bank selling GBP
which helped towards its weakness.

I think we will get a reversal on GBP for today. I
still believe that GBP will trade weaker till next
week, once our FOMC is complete. I would be looking
to be a buyer. Just missed a good level @ 1.8166.
You could see the GBP rally a little today. Support
is around 1.8140 and 1.8100 and resistance seems to be
around 1.8200 then 1.8225.

Today, plan is to really be quick with losses. Will
be looking to sell GBP after 5pm. I would like to
sell also GBP/JPY after the 5pm. Try to make
10-30pips on it. It depends on how the markets move
this morning.