$GBPUSD Once again we see this pair sell off hard, due to “UNCERTAINTY” whatever that means.
2nd chart while not completely up to date yet, we are seeing signs of some short covering. This is indicating higher prices in the weeks and months ahead. As we have seen in prior cases circled below.
3rd chart taking an even closer look, we can see few shorts open positions till 1.33 and net positions are net long (the strong holders if you will).
I will be looking to add back slowly, the lots I sold at higher prices this week. I assume the higher lows trend line I have drawn will hold. If not, I will look to add again at the bottom of the channel.
BTW Oil is down due to over supply concerns! SIGH!! You can’t kill what is dead folks!
Author Jim Boukis