First of all I wanted this morning to take a look at GBPUSD. Sterling has rallied against all other currencies as the UK climbs kicking and screaming out of recession. Take a look at this monthly chart. For the last 4 months or so Cable has been moving up against USD and is now hanging around a critical level. Who would have thought that at one point we were over 2 dollars to the pound!.
The daily chart also tells an interesting story. At the moment it seems GBP is ranging against the dollar from 1.58899 up to 1.6234. My worry is that the up move is too fast against other currencies. I would be looking to stay flat because for me we have to break above 1.62394 which could take a few days. Selling would be looking to go below 1.58899 and break that support. But to be honest the fundamentals on GBP just don’t support a bearish move at present.
Here’s the 10 minute chart. A sweet little wedge. For me i would need to see a break up to 1.61000 to consider the buy at this time.
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Please remember people I trade for 55 pips upwards I am not interested in 5 to 8 pips.