Round up on the Pound!!

Morning Dynamic Traders,

Hope you all had a good weekend, and enjoyed the sunshine. I certainly did with a 20mile bike ride on Saturday and a nice walk on Sunday.
Today I am going to round up the week of following the GBP.

Since Wednesday the Pound has been finding strength, and from the look of this morning it looks like it still has it. On my last update, I pointed out that price was at a strong resistance area which is also at a RN. From the chart below you can see that this resistance area and RN did have an effect on the price and had slowly dropped during course of Friday. Price only began to pick up from this morning, and warning came in the way of a reversal candle stick formation.















To summarise the events of last week, the GBP did have a good week for money making opportunities which I have shown over the week. With a short position for Monday and long positions from Wednesday. Although price has been on the up since Wednesday and currently higher than it was a week ago, the GBP is still in a down trend on the larger time frames, which is clearly visible from the day chart below.















This leaves us with the obvious question, what will happen next? I’m going to leave this with you and I will revisit this in a couple of week’s time. But to give you food for thought I have marked out an important trend line on the chart above.

Happy Trading

Richard