1.600 Resistence £/$

[BJN]

Hi All

I'm a first timer and finding the threads I've read very interesting and helpful.

I was studying the market around 6.15am today and noticed that whilst the all the signals were indicating that it was a certain "buy" market the level was so close to 1.6 £/$ that I, incorrectly as it happened, decided to not to place an order for fear of resistence passing through the barrier.

Was I right and what other resistance thresholds should I be aware of?
Appreciate your thoughts and comments.

 

[T.O.M]

you need to consider previous prices as well, you trading time frame . it has reached £/$ 1.61 no ? It will take good news *dollar getting stronger) for it to get back to the 1.57 mark. or less .

I myself am not trading yet... currencies as it is very volatile and more difficult in my opinion to get it right.