Sorry for being away for a while. Has been really busy for the last days with studies and other works. Anyway, with this coming back I would like to discuss about a pair that is very interesting for me at the moment which is the GBP/USD.
With the graph above, we can see the monthly chart showing the monthly reaction in this par. As we can see, every time that he wants to create a bottom or a top most of the time he make a range of months before breaking out. Of course, there are tops or bottoms that he did not make this (range) and just reversed but is two or three of those...
Another thing to keep in mind is support level, we are less than 100 pips from 4812 which is July 2013 low.
Conclusion:
I am not saying to buy here like crazy. What I am saying is to not sell at current levels as we are very close or at support. Also, Dollar Index (DXY) is looking over extended. IF I buy anytime this pair, my loss will be just bellow that 4812 level.
Take care guys!
By Thiago Duarte
Chief Strategist at Duarte Investment Group
thiago@duarteinvestmentgroup.com
@thiagotrader
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