4/21/2010 – GBP/USD Update

Two days ago, I wrote, “If the GBP/USD does not immediately take out 1.5128, then you could safely place a limit sell anywhere from 1.5375 to 1.5475″. Look where the GBP/USD has been oscillating for the past 12 hours….1.5340 to 1.5430. Now, within the next 24 hours, we should see the GBP/USD begin its descent for the next month, two, or three. I also want to show this beautiful channel which the GBP/USD has been in. You’ll also notice that the GBP/USD has hit the 78.6 fib, which points it to an immediate potential target of 1.5102. For an immediate short-term goal, that’s a nice 280 pips over the next couple of days. Here’s the picture of the beautiful channel the GBP/USD has been in: