Forex Daily Commentary - Fibonacci Retracement 12-03-2013

I will keep this Forex daily commentary short today....Today was a very slow day as the market was not ready to play yet. I think the most important aspect of trading we discussed was this GBP/JPY Fibonacci Retracement. I am sure some of our member traders did very well with this pair today. This year traders seem to be taking early Holiday, however anything is possible. We discussed today in the trading room a very important area on the GBP/JPY. This is the 169.00 level. Not only does this fall smack at the 38.3 Monthy  Fibonacci retracement, but it also is overhead resistance for a number of other reasons as we discussed in the trading room. In late U.S. session and early Asian session tonight we saw the pair hit this important area and proceed to move lower. This may be the start of a larger retracement area, or it may be a temporary pull back to re-test the same important overhead resistance. We are prepared with our current Forex trading strategy to handle a buy or sell signal. We will discuss more in the members section and in the U.S. trading section tomorrow.

All the Best,

Gerard (BT)

Below is the Fibonacci Retracement level on the GBP/JPY, we discussed this in the trading room today and