It might already have begun
Two resistance zones to watch
We show where to look for the trades
Primary view is that GBP futures are in the first stages of a move that should test or exceed the 2017 low. A monthly chart for perspective is below.
The British Pound ETF (FXB) is assumed to be forming a wave [iv] like most of the major USD crosses. The move up from the early 2017 low has stalled against a possible wave [iv] target but has not quite pushed low enough to break the uptrend.
We think it’s time for the downward trend to resume
Last week’s spike in the British Pound caught some traders off guard, but if you have been following our posts at See It Market you were prepared for it.
April bulletin from Trading On The Mark