The Pound Strikes Back
The Pound had enough suffering and it is now recovering against the U.S. Dollar. I have tried to open long position on GBPUSD several weeks ago, but no decent entry point has emerged then. The GBPUSD fell to 1.21000 just making my desire to buy the pair much stronger. The GBPUSD is hugely oversold. Thus, the recovery should be also very strong. Today, finally the Pound strikes back. The first move was strong above 1.22000. The Cable may roll back a little to 1.21600-1.21900 followed by the next upside impulse. This will confirm the recovery to the upside towards 1.23400-1.24400. I will use this move with the stop-loss order set at 1.21000.
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