On January 26th I said “I believe that if we see the GBP hit $1.9613 and also break through the 50% fibonacci retracement we should expect to see a sharp fall.” It’s now 13:00 GMT 5 days on, the pound has fallen to $1.9510 which happens to be the 61.8% retracement which was my target. I’m now expecting the market to move back upwards unless I can see a solid break through this new resistance area. I’m a happy man as that’s another 100 pip profit, although this was a paper trade whilst I continue to try out a new strategy. That’s 2 trades and two successes with 200 pips in profit! I will update the blog with further developments.
James.
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