GBP/USD: possible resumption of up-trend


   Cable has recovered and risen up strongly today, moving from 1.6307 to 1.6444 in under an hour, as a result of a particularly positive U.K retail sales report. This has probably signalled a resumption of the dominant short-term up-trend, after the completion of a classic A-B-C correction from the 1.6600 highs. A recovery above 1.6470, would clear the monthly pivot currently blocking further upside, break the sequence of lower highs, and provide more cast-iron confirmation of a resumption of the dominant trend. The next target higher is at the 1.6600 highs.



About Author

I was born in North London and Studied at Goldsmiths' College London University achieving a BSC Hons in Social Anthropology and a Diploma in Journalism. At first I was interested in writing and travelling and I began my career editing a magazine for a city breaks tour operator called Travelscene; then I also managed their website. Later I became increasingly interested in the financial markets and trading. My first trade was spread-betting the SP500, using an overnight strategy – I remember one year it made me enough money for Christmas – I thought it was great how you could make money like that in your sleep! Later my interests turned to Forex because of its 24-hour accessibility, the many different currency pairs and because of my interest in international politics. I managed a small fund which I set up with the help of some friends and traded the markets for several years with some degree of success. I am a member of the society of technical analysts and have contributed original research to their journal; I now also help mark their diploma papers. I enjoy refining and developing trading strategies, in particular for my 'baby' the eurodollar. When I joined Forex4you in 2010 I thought it was a great opportunity, working as an analyst for an international foreign exchange broker.

Leave A Reply