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Pound/Dollar: After Renewal of Minimum, Correction to LB Expected


The pound/dollar fell as I predicted, but more than I predicted. The rate fell to the D3 at the American session. The fall hastened after a break in the daily trend line (see Daily tab). 225 degrees from the D3 stopped the sellers, but will it last? I think the sellers will renew the minimum and the GDPUSD will start a correction towards the LB. I’d go as far as saying a fall to 1.5314 is possible.


On Tuesday the pound/dollar fell to a minimum since 15th September. As soon as the daily candle closes lower than 1.5329, the road to the lower channel at 1.5184 will open. The interim target is 1.5250.


The storm is coming. The pound is nearing the trend line. It's highly likely that the trend line won't be able to hold the pound back..

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