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jimmy_highwire
Oct 31, 2016 10:33 AM

GU bottomed? Long

British Pound/U.S. DollarFXCM

Description

i can see some bottoming patterns on GU short and long term
we haven't made a significant new low for a while now
consecutive wedges have been overcome and PA keeps coming back to test them
barring another "surprise i base my long entries on a short term and longer term inverted HnS

again ,.. i'm not prepared to lose my acc balance over this idea but sure looks valid to me, target red channel top around 1.2240-50 looking for further PA there

Trade active

sl at Breakeven at 1.21605

Comment

closing half for 70 pips

Comment

if GU retests the red tl it just crossed i will try and add to longs,... still half running from 1.21605
Comments
Gino
I think with Carney staying, this could go further upward, yes?
jimmy_highwire
i guess the "carney news" is the trigger of something that was coming anyway..... you can depreciate a currency to get exports up (cheaper),....; but after a while when inventories deplete,imports needed to replenish inventories come and bite you in the butt twice as hard,..... even so i think apple and some other tech already are raising prices in `£ on the iphone and other stuff
this fall of the pound could have left the door open maybe too wide for inflation not only to creep in but gush in at some point
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