Watch out, look at the GBP!!!

Morning Dynamic Traders

Yesterday the pound took me by surprise. I was expecting the pound to fall some more, but if you had been watching it you would have seen it completely turned around and then climbed an amazing amount.

In my update yesterday I said that if you had missed the aggressive entry to go short, you still had time for the conservative entry. In this case being conservative would have paid off, because you didn’t have the opportunity to go short as price didn’t hit the entry mark.
If you had taken an aggressive approach, would have lost money depending on how you managed the trade.

From the daily chart below you can see where price didn’t fail at the resistant trend line and in fact, dominated it. You can also see how far price did drop, before the huge climb. On the chart you will notice that price ran out steam once it hit another trend line.














What will price do now? Will price struggle at this trend line, or will it again prove that no mountain is too hard to climb and crash through this trend line.
I look forward to tomorrow to finding out, and I keep this chart on my watch list for the time being.

Happy Trading


Richard Monnery