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GBPUSD Faces Downside Pressure On Recovery Failure, page-9

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grandcaruso

2,317 Posts.

20/01/16

07:28

Post #: 16829164
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Originally posted by grandcaruso ↑

Okay so it's at 142.5 which I 've being saying would be the right level to be a good long term buy trade. It's dropped more than 6c since I first posted 3 weeks ago which is a huge move when it comes to currencies. I still believe that 142/43 is a good buy level but my preference is to go long once and make it a great trade rather than have to double up down the track. With very little support between the current price and 140 this could dip further. I'm also a bit wary that the pair's 12 month high is 171 and a 20% decline from that is 137. Most of the other major currencies have depreciated more than 20% against the USD but given this pair's interest rate differential is only .25% I'm confident that the 140 level should hold. So I'll wait a few more days or a week or so to see what happens from here but I do what to go long before the next Fed meeting which is in about 10 days away.

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Dropped almost another 1c after having a brief rally after pretty good inflation read. Carney jawboned it later and suggested rate lift off could be delayed. At the rate it's going it could be in the 140's this week. That's pretty amazing given it was 151 plus a month ago.

Price at posting: 0.7049 Sentiment: None Disclosure: Not Held
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0 Great analysis

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