upordown – As far as a break over the 1.35xx level, rather that saying it will be on a certain amount of pips, I think it will be more like US Supreme Court Justice Stewart’s famous quote for defining pornography “You will know it when you see it”. Things such as: are prices just limping through that level without conviction or is the Pound blasting through that level (or gapping above it) with conviction? Has the GBP/USD consolidated quite a bit below that level to build sufficient energy for a sustained breakout or has the pair already made an extended run just to get up to that breakout point? Is the GBP or USD up against major support or resistance against another key currency such as the EUR or JPY at the time? Sorry I can’t give a hard number on that one. I just don’t see a very well defined level nor is my conviction on the GBP/USD chart very strong.

side note.. yen is almost perfectly inverse correlated to sp these days. if the jy chart tells you it is about to make an up move on hourly or daily time frame then please share.. it will confirm a down move on sp nq..