Oh, The Possiblities

today's tweet

To be bearish is to recognize that $GBPUSD is, for now, simply correcting. Given the bull trend, cable is free to tumble quite a bit if she wants to and still be a bullish bitch back to 1.7000. This large psychological level still remains on target for bulls because GBP has the economy and central bank to back up the rosy sentiment.

But consider the bearish case for the moment. How low can price really go?

GBPUSD DAILY CHART

The most interesting levels on this chart are those where we find confluence with major support and previous resistance levels. Take note where cable stands after this May seasonality has run its course.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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