I was back on F.A.C.E. early this month on July 5th to chat about the summer trends in the major GBP currency pairs. Since I didn’t post the video here on the blog at that time, I thought it would be an interesting and fun exercise to backtest some of the forecasts I made with Dale at that time.
I spoke about the current downtrend in the $GBPUSD which needed to move higher and close above 1.3350 to reverse the sentiment. Well, we got to 1.3350 last week but sellers came in swift to push the $GBPUSD to new 2018 lows at 1.2956.
At the top of the month, the $EURGBP, after being stuck in a tight range, had just broke above the key 0.8850 resistance level. I spoke about the potential for the $EURGBP to establish a new range between 0.8800 and 0.8950 depending on the market reaction to Brexit news and non-farm payrolls. This week, the $EURGBP reached 0.8950.
The $GBPJPY and the $GBPNZD moved exactly as expected off their failed lows and highs, respectively. The $GBPJPY did break above the major 148 resistance level to new highs last week. The $GBPNZD did break lower too but it moved 300 pips lower I than expected.
So all in all, not bad. Three out of 4 calls is actually quite excellent in this business.
There are ebbs and flows to every market. Trade what you see. Learn how. Or simply invest with a pro. [sponsored]