salsapete

Pound - off Rock Bottom

Largo
FX:GBPUSD   Libra esterlina/Dólar estadounidense
The Pound has been on a long term downtrend against the USD since 2007.

Recent price action has come close to testing multiyear lows = ROCK BOTTOM.

The monthly chart suggests it may complete a Morning Star candlestick pattern , which would signify a potential trend reversal , and a DOUBLE BOTTOM pattern.

If a reversal is in play , then a conservative fib retracement looks at a price range of 1.31 - 1.34 .

BREXIT is the issue , if the UK can find any solution or hope for a longer term solution that is favorable , then the POUND will rocket off this current bottom.

At current price levels , I see the Pound as cheap and look for opportunities to buy over the longer term ....



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