The last time I looked at the British Pound (GBP) was in April. Today I’m taking another look.
In my last video I showed why I thought this market was about ready to move.
Going back to August of 2008, we’ve had a very large move down in the British Pound to U.S. Dollar ratio chart. We then had a very large, sideways move from December 2008 to May 2009. This sideways move has made a rounded bottom which is usually an excellent indication of a bottom and a great time to go long.
Also what I like is that we have a monthly buy triangle. We don’t get that many monthly buy triangles in this market. In fact, the last monthly buy triangle we had was in July of 2008.
How far can this market go on the upside? To get that answer, we can use Fibonacci retracements.
Currently GBPUSD is $1.51
A 38.2% retracement would mean a target price of $1.60. I think this is being a bit too conservative. A more likely target would be a 50% retracement which means a target price of $1.68.
In this new short video, I will show you the steps I am taking to cash in on a fairly substantial move I see ahead for this market.
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