Aug 042009
 

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!

  2 Responses to “Sterling Pound reaches first target”

  1. […] allow for further strength to fresh highs to 1.6922. Then, on 4th August, we continued to remain bullish for a move to 1.7105 but maintained we will see a move back to 1.5800 (perhaps a lot lower!) . The high was seen on 5th […]

  2. […] the last medium term update on cable, (another name for GBP/USD) posted here on 4th August 2009. (here is the link to that post). But the more important medium term update for Sterling Pound was written on 27 May 2009, and I […]

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