GBP 4aug09a
It is almost two months since I wrote that the Sterling Pound’s first target is 1.6922. At that time, the currency was trading at 1.6371. We have already seen a high of 1.7004, and some traders might be itching to sell ! I would urge them to be just a bit more patient. Most of us have this overpowering desire to get on board a trade before it becomes too late. And shortly after the order is done, we start wondering if we had got into the market a wee bit too soon. The charts suggest we could take a look at 1.7105 and so it might be a good idea to wait for that level. GBP 4aug09b Later on, potentially from 1.7155 (but we will decide the turn level as we go) lookout for a significant decline. That decline will target 1.5800 as a first step, but if I have not judged too badly, we could see an eye popping sell off to much lower levels. I have no desire to shoot myself in the foot so early in the race, but neither am I loath to confess that I adore the adulation from fans when I get things right ahead of others!