9 April 2008 - 0:31trading advice 4/8/2008

GBP/USD took a hard hit from the poor Hailfax data and sits right above key support at $1.9650 right now. Don’t get caught long when more fundamental data comes out in a few hours from England. Industrial production looms large at 3:30 AM eastern time and there is a good chance for another strong downward move here before Bernake opens his mouth later this morning. IF $1.9650 is cracked a two penny move is to be expected to the downside. I wouldn’t short the pair unless that level is breached either before or after the news.