ForexMentor AM Review Feb. 21 2006

The ‘Big Dogs’ are going longer the Aussie, pound and Swissy,
according to the latest COT data. This is important info. for
position traders, and something day traders should be aware of.
The pound is caught in a symmetrical triangle in a downtrend on
the weekly chart, which is generally bearish. That said, price is
above the most recent resistance (supply or distribution)
trendline on the daily, as well as the demand (support) trendline
in force at that level. The GBP/USD pair reversed today at the
London open, in the form of railway tracks, and then headed up
to the expected high for the day (M3). That target was actually
exceeded by a ‘Joe Cheung’ price projection, which came to
fruition.