Mar 302010
 

Now that the Sterling Pound has almost reached its short term objective above 1.5100, it is natural to wonder what next? If we break above 1.5110, then there is a chance to take a look at 1.5157, which marks a 61.8% retracement level of the prior drop. Selling near there is a low-risk trade. However, if we start coming off directly, then there is a small chance that we will get a recovery late tonight or tomorrow to retest the 1.5100/10  level before coming off. You can decide whether to sell at 1.5155 or at 1.5104 depending on whether we break higher directly, or if we come off quickly to 1.5050 levels first. Enjoy!

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