GBPUSD Searching For a Base

GBPUSD on the weekly/daily charts reached a support trendline connecting August 2007 swing low and January 2008 low , trendline that is the lower side of a down sloping channel. So far today’s price action has helped in increasing the importance of this level by forming a doji like bar but the day is just beginning; nevertheless this is a good risk:reward long opportunity with a tight stop under today’s low: for a more aggressive entry one could open the position now although perhaps waiting to see how today’s develops would be a safer approach. GBPUSD on the weekly/daily charts reached a support trendline connecting August 2007 swing low and January 2008 low , trendline that is the lower side of a down sloping channel. So far today’s price action has helped in increasing the importance of this level by forming a doji like bar but the day is just beginning; nevertheless this is a good risk:reward long opportunity with a tight stop under today’s low: for a more aggressive entry one could open the position now although perhaps waiting to see how today’s develops would be a safer approach.

[NP][/NP]