The Greater British Pound is a volitile currency and tends to overshoot levels so use these with caution. Support can be found from 2.0315/25 and I would expect them to hold up for a while for a run back up to as high as 2.06. This is the range I expect we will see until mid next week. Best strategy at this point is to wait for the move up to 2.06 and then play it back down. Expect to start shorting the GBP/USD around 2.0575/85 up to 2.06.
Obviously this is a longer term outlooks so it stands to reason things could change but for how this is how I expect it to play out.
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Author: Dustin Pass
Dustin is recognized as one of the top Forex traders and education authorities in the world today. As the President of Forex Traders Daily he has helped thousands of traders learn how to profitably trade the Forex market. Dustin's goal is to help you achieve your financial goals faster and easier than you ever imagined. You can follow him and Forex Traders Daily on: Twitter, Facebook, and Youtube.
