- 1,21 – 1,22 seems to make a base with no strong signal of a reversal but downside momentum is slowing (See red arrow).
- Long term picture has not changed (i.e. DOWN – see Oct.7th post) but odds for a short term up reaction to at least 1,26-1,28 range are increasing.
–> Time to take at least partial profits in the 1,21 -1,23 area for those who are short since Pre-Brexit above 1,40 and Post-Brexit above 1,34.
GBP is down 16,60% YTD and 28,50% since highs in 2014 versus USD .