FOREX Training Video | New York Session March 19, 2008

A rebound in the US dollar, in combination with increased pressure on the British Pound after the BOE's MPC meeting minutes revealed an unexpected member in the dovish camp, weighed heavily on the GBP/USD during today's New York session. The retracement to an overlap of a 38.2% retracement level and the 21 ema on the 15-minute chart provided traders with an ideal entry point for a short trade. A profit of about 150 pips was the outcome after the logical exit at today's M1 pivot point.