GBP/USD Reversal Over – Re-enter Short

Back in December, I posted here that the GBP/USD was beginning a reversal toward 1.6300. I hope you were able to enter at a strategic position before the reversal. My picture showed the GBP/USD moving down to the 1.5400 level before the reversal; however, the GBP/USD made a new low at 1.5236 before beginning the reversal. If you did enter at 1.5400, then you are currently positive around 330 PIPs as of this post.

It appears that the current reversal is over, has stalled out at the 1.5900 level, and that the GBP/USD will resume its downward trend. Look for a Limit sell around 1.5850.

Happy trading!
LattePIPs

GBP/USD beginning short-term reversal

I believe the GBP/USD is beginning a reversal in which it will go long for about 7 days or so, go short for another seven days or so, then go long for about a month. I have posted a graph below showing my forecast over the next month.

On October 6th, the GBP/USD took out two major levels of support from September 2010 and December 2010. It then went back up to a level of resistance at 1.5990, which I forecasted here. http://lattepips.com/2011/10/11/short-gbpusd-2/ It then began going short again to take out the new low it had made in October. However, it has not been strong enough to move lower; therefore, I believe it is beginning a reversal which will now target the 1.6300 level over the next month or so.

I want to reiterate that the GBP/USD is still in a longer-term (year long) downtrend; however, it has seemed to pause right now to begin moving further up again.

Positive 1,120 PIPs in two trades in 2 months – GBP/USD moving as forecasted back in October

Back on October 11th, I wrote that the GBP/USD would be moving down over the next 6 months or so. But before that move happened, I wrote that the GBP/USD would move up to 1.5990.

I hope you were able to take advantage of those two trade forecasts. One trade profited 370 PIPs in two weeks. The other trade is a longer-term trade currently positive 550 PIPs in seven weeks. That is 1,120 PIPs on two trades in nine weeks, averaging 124 PIPs/week without having to constantly make trades or even multiple trades every day.

I will keep you apprised of the current trade, when to exit and get into the next GBP/USD trade.

GBP/USD Moving as expected – Positive 740 PIPs in two trades

From my trade recommendation seen here, http://lattepips.com/2011/10/11/short-gbpusd-2/, over a month ago, my system projected a buy on the the GBP/USD moving up to around 1.5990, and then shorting the GBP/USD at 1.5990 to move down over the next couple of months. As you can see in the picture below, the GBP/USD did just that. It moved up to 1.5990, oscillated around that value, then began its move down.

GBP/USD Update

As stated from my prior posts last week, I was expecting the GBP/USD to begin moving further down. From the signals being made from my strategy, the GBP/USD is beginning a move down over the next couple of days. From the way it appears currently, it looks like it is beginning to move down toward 1.5636. If you haven’t already, exit any short-term long positions. At the current time, contemplate a limit short at 1.5910.

Happy Trading!

LattePIPs

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