(British Pound ETF
) is on pace to snap a 7-month correction, following a test of long-term support at the 147.50 level. If this rally lasts through the end of the month consider buying the ETF
with an initial stop loss at 146.95 (just below the January low). Major resistance remains in the 165-170 level, but there is likely to be selling pressure in the 160-162.50 area, if it gets there. Keep in mind that this is a monthly chart, so this trade could last into the back half of 2015 and possibly into 2016. For those familiar with options you can also look at buying a Sep 2015 or Jan 2016 $151/$162 bull call spread for a high reward/risk ratio setup.