So Far So Good On Buying Dips In British Pound

(This is an excerpt from an article I originally published on Seeking Alpha on June 19, 2012. Click here to read the entire piece.)

In “British Pound Surges Into Resistance – Buy Dips As Government and Bank of England Try To Ease Credit Crunch” on June 15th I argued that it is time to buy the dips in the British pound versus the U.S. dollar (FXB) with a sell target just under the 200DMA resistance. So far, so good on this strategy. {snip}


The erratic movement of the British pound provides good volatility for intraday trading
The erratic movement of the British pound provides good volatility for intraday trading

{snip}


The British pound wavers under 200DMA resistance but hangs close
The British pound wavers under 200DMA resistance but hangs close


The dollar index continues to fade away from its QE2 reference price
The dollar index continues to fade away from its QE2 reference price

Source: FreeStockCharts.com

{snip}

Be careful out there!

(This is an excerpt from an article I originally published on Seeking Alpha on June 19, 2012. Click here to read the entire piece.)

Full disclosure: long GBP/USD

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.