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 ....
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 ....