Wednesday, June 10, 2009

GU Weekly Levels

Taking a step back and consider just how far we have come this year. Makes me scratch my head a bit and consider, what if I had the patience to sit through a 400 pip drawdown in early March? Could I be sitting on a 1800+ pip winner like the market has offered up on a platter? And more importantly where are we likely to see a multi day reversal? Looks like we have a little room on the upside. 1.6790 looks like a safe level to play for.

I called them pauses because who knows what happens at these levels, but the first "pause" of the year provided a good place to take interim profits. The next week would have made most people kick themselves, but you get the idea. We have really made a huge gain this year on the GBP.

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