Eyes on the Pound..

Lots of Traders are looking at the GBP and what will happen to it.. And I'm sure some individuals want to know my opinion so here it is:

The GBP, alike lots of other Fx Pairs has been whacked down to lows. BOE intervention caused a move up to Early Resistance.

The overhanging Bad sentiment (still exists) is shrouding the Whole market, HOWEVER this does not last forever.

As we fell so far down I do expect the current Ceiling that forms Early Resistance will be broken through OR alternatively if it is not we will see moves lower.

In either case we trade LIGHT due to this scenario.

Long term still the bias is Long on a recovery sooner or later, likely to 1.17.

Also note we MAY see a dawdle lower before any break higher. Not expecting fire move immediately.