The British pound rose against the US dollar as we aim for the 1.24 handle above. That’s an area that should start a significant amount of resistance though, so I’m waiting to see whether or not we get some type of exhaustive candle. If we do, I won’t hesitate to sell but quite frankly I think that the British pound will have to deal with a lot of overreaction when it comes to the Article 50 being triggered. Once it happens, that should be the bottom for this market as we flush out all of the “weak hands.”
Written by FX Empire