http://i22.photobucket.com/albums/b313/Hcour/DailyGBP.gif GBP has been in a long trading-range since Dec last yr. 1/05 (1) a shakeout of the little range thus far, then a sharp rally to 1/23 (2) which turns out to be an upthrust. From here price settles back into the narrow range till a shakeout 3/05 (3) of the low at 1/05 (1), followed by a more substantial rally that consolidates just below the range highs from 3/21 to 3/30 (blue oval). A minor bo 4/02 (4), a reaction back to the range on low vol 4/09 (5), then another good rally on sustained vol 4/10 to 4/17 (6), that last day a breakout on a wide spread closing on the high on strong vol that gets just above 2.0 (purple line). Here price hangs for a bit above 2.0, then creeps down on the reaction, breaking the uptrend 5/02 (7) and falling back into the range to a 50% retracement 5/21 (8) of the Mar/Apr rally. Following the bo the pullback into the range is shallow and the rally bar 5/23 (9) back to resistance is a wide spread closing on the high on relatively strong vol. The reaction thus far is nill, note the convergence of resistance near the supply line of the channel and the top of the long range. Looks to be a classic Wyckoff pullback after a breakout. There may be further consolidation here for a bit but looking at the long side on the daily. Harold