Foreign Currency Trading

Thursday, June 24, 2004

Trading Plan 6/24/04

Well the weaker than expected Durable good #'s really
helped a depressed GBP/Euro that has been weak all
week. The GBP moved over 100pips from Economic #'s.
Right now the GBP is trading @ 1.8200. I get the
feeling that this GBP might be in a trading range the
rest of the day. I do not have a strong conviction of
selling or buying, but a few factors have me leaning
towards GBP strength. The terro attacks in Istanbul,
Gold being up strong and GBP being really depressed
make me think we might get another leg up. What might
hold the GBP or go lower we have tomorrow's GDP. With
no economic #'s coming out tonight. People will focus
on the US GDP, also we are getting closer FOMC.

Todays trading I will just be looking to see if
trendlines hold or break to decide my direction. If
you look at the hourly chart GBP broke it trendline
resistance and is trying to confirm the break.

posted by ErickFXtrader at 10:26 AM

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