Round Up Time

Good Morning Dynamic Traders,

We’re not far from the weekend now and I hope you have had a great trading week.

I’m kind of getting a little bored of following the GBPUSD so I thought I would round up the progress on the GBPUSD and move on to something else.

In the day chart below you can see that price has only just begun to fall again. Admittedly it has dropped far, but it definitely isn’t climbing now. This is the exact reason why I said a long position was not on the horizon just yet, and that a shorting position is still more favourable.
What this also means is that price is in a range and a fairly large range too.













Personally my approach which I have mentioned on a previous update is to wait for price to break below the RN 1.4800, before I take a shorting position. This means that price would hopefully be out of the range and be able to drop to easier. As you can see from the day chart above this does mean that I will have to be patient as price will have to drop a far distance.

Before I sign off I would also like to recommend along with Zaheer’s suggestion of the CADCHF the EURUSD. These are crosses that are sitting on my watch list.

Hope you all have a great, I mean Outstanding day.

Carpe Diem

Richard Monnery