GBPUSD broke the down trendline and now I'm waiting for a flag to take a long trade. This will be a short-term trade. If you look at the following image you can see that It came down sharply after weekly corrective structure and now, I'm expecting a correction before the next down impulse. So, my target is only the A wave inside of the correction. My plan is to move the stop-loss to positive levels and then let the market stop me out with some profit.
fingers crossed for this. Such a long fall from 1.43 could well bounce back. The dollar is strong but surely that will start to hit US trading partners around the world and the US itself eventually. I believe US companies would want it to be in the 1.50-1.60 range for them to do good business with the UK... LEt's see how this rolls over the next year or so. Also 1.32 range is an important support/resistance level, I hope in this case it will be a support :)
JRFreeze
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@RJHumphries, just saw your long term chart!! Sorry i disagree, I don't see £/$ parity being good in the interests of anyone really. However on a fundamental level I would be very interested in hearing another view...