Gbp/Usd is in a low risk buying opportunity in my opinion; i dont think we've seen a Major bottom, but i reckon we'll have a decent bounce from this level, before resuming the downtrend. Worth playing the trade, with a tight stop just below 1.5360.
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Updating this play, our 1.5360 didnt hold, but the rebound came from about 80 pips lower. As with Oil, the short term trend is up, but within the next few weeks, i expect a break below 1.50 for the Gbp.
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June 19, 2012, the rebound we were anticipating is in, and now its time to finally break lower. If im correct, the 1.50 level support which has held time and time again, will not this time, and the Gbp could be heading somewhere near 1.46 before we see a rally.
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June 27, 2012, and a quick update.. we hit 1.5750 and saw a quick drop of over 200 pips. Chances are we continue lower eventually...
