GBP/USD Status

Back on May 28th, I said that the GBP/USD was in the process of moving up to the 1.5060 level shown here and also recommended a limit short at that level shown here.

Now, you should be in the GBP/USD short trade and currently positive over 100 PIPs. This is just the beginning of the trade. This week (June 28th – July 2nd) is a week of transition for the GBP/USD. It will kind of move sideways; however, we should be positive overall during this process of transition.

In the next month to two months, the GBP/USD will move to take out 1.4110. Therefore, 1.5060-1.4110 = 950 PIPs. This is the next movement. However, I am NOT LIMITING the GBP/USD movement from going even further. I am simply stating that the GBP/USD WILL make further lows and that is the next level of support. We might exit and enter at various times to capture even more profit; however, just taking that single trade will capture that much profit.

Happy trading!

LattePIPs