GBP DAILY CHART 5-23-2007

I rushed out the last post and here is the daily perspective chart. If we do not get a bear pivot on the intraday you can look for price to carry up to the daily trendline.

The top area of the long white range bar (blue lines) is appearing more and more to be the ultimate target. not only that but it is 23% fib retracement on the daily and is upper trend line resistance. so that is triple resistance which appears to be the only thing that can stop this runaway train.

a close of this current 4hr bar above the upper 4hr trend line will signal next stop that daily triple resistance. At the rate it's going it may hit that daily resistance before this current 4hr bar closes.

Not only Did United Kindom raise rates, they expressed a bais towards raising rates even higher which is going to make GBP VERY STRONG.

jERRY