GBP/USD Low might be in Place AlreadyOnwugbene.com
I am not an expert but I have been following the Big Boys since 2005. Since 2005 till date, the Big Boys have always called market lows and highs.
If the trend is the key to all profits then the Big Boys index is my indicator of counter-trend move. Looking at the net value of their outstanding position in the Cable (GBP/USD), the big Boys are 122K plus net long.
The last time they came to this extreme was in the week ending 21st March 2017 (See Point A on Chart). Afterward, the cable staged a BULL rally that lasted for months.
GBP/USD Low – BUY Lows
At virtually every market low, I see the Big Boys index rising above our BUY trigger point of 90-95.
As at the 12th day of August 2019, this Big Boys index trigger point stands at 97.43 which in itself is an extreme.
My candid suggestion is for traders holding SHORT position in the Cable to tighten their stops. The cable might make one more low before the BULL rally begins.
GBP/USD is finding support at the lower channel at 1.20116 and if a rally happens will find resistance at the mid-channel price point of 1.22139.
Charles Onwugbene, a Currency Trader with onwugbene.com
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