The British Pound currency (GBPUSD) has been taking on water since the Brexit vote. And there has been an uptick in the amount of news and negativity surrounding the Pound.
Could this ultimately lead to a trading bottom? Time and price are agreeing that a bottom is coming soon, perhaps at a bit lower price. Today I want to show why we are “almost there” and offer up some British Pound bottom targets over the very near-term.
I shared the charts below on my blog a few days back, but they are still valid as price has done little (inched a bit lower) and currency traders have yet to see a meaningful reversal. Using chart pattern analysis, I have highlighted a few levels that appear to be important:
- 1.19/1.20
- 1.16/1.17
- 1.12/1.13
Also read: Is The British Pound Downtrend About To End?
Thanks for reading and have a great weekend!
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
