GBP/USD: Buyers to take advantage of a low Pound
|We dipped below this trendline I have been watching, but quickly closed above it...we are lower at 1.2902 today and I have just bought Cable, because I do have faith in Carol Lines and trendlines and as a technical trader I am obliged to trade as I see it....Now this is not just me in this wilderness of what |Cable will do next as we have seen all year...I am sure other technical traders Hedge Funds are going to take advantage of a lower currency to go long and hopefully take us higher towards some key resistance levels...Above 1.2916/20 I think that will entice buyers back into the market and see this trade towards 1.3045/59...I will look to take profits around these higher...
Now the good thing about this trade is that you know where you are wrong...and I think if we lose 1.2850 then I will be looking to reverse my longs and go with it for a greater move lower...This trendline is like the last chance corral...we lose it and sellers will be leaping all over this and driving us lower...
Now where can we go if we lose 1.2850....I have 1.2742 as a viable target and would be looking to cover my shorts to here...
GBPUSD Current Trading Positions
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