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We are short on GBP/USD since January this year. Here are the links to our call and subsequent reviews,
- In Late January, in an article named, “FxWirePro: Sell pound targeting 1.376 against dollar”, available at https://www.econotimes.com/FxWirePro-Sell-pound-targeting-1376-against-dollar-1122287, we urged our readers to go short on the pound at the then current rate of 1.413 and at rallies around 1.42 against the USD targeting 1.376.
- In a subsequent review, https://www.econotimes.com/FxWirePro-Call-Review-GBP-USD-target-reached-at-1376-new-target-1354-1177319 , we extended that target to 1.354
- And, later, https://www.econotimes.com/FxWirePro-Call-Review-Maintain-short-positions-in-GBP-USD-target-revised-lower-1315235 we have confirmed the 1.3 area as our next target
The call is currently 730 pips in the money and in the last review of GBP/USD here, https://www.econotimes.com/FxWirePro-Call-Review-GBP-USD-target-revised-lower-to-125-area-1336050 we have extended our final target to 1.25 against the USD.
The current political environment (political crisis between EU, Italy, & Spain) in Europe, weaker economic numbers from the UK (Q1 GDP growth 1.2 percent/ steadily declining since last year), the dovish neutral stance of the Bank of England (BoE) will continue to favor our call.
Latest outlook:
Our latest calculations suggest that the GBP/USD pair is likely to reverse further from its current rate of 1.34 towards 1.365 area. A Further rise towards 1.38 can’t be ruled out but that is not our best case at the moment.
Since this looming upside correction doesn’t change our bearish outlook for the GBP/USD, we would like to urge our readers to maintain short positions.
