Time for a Break in the Pound? Chart View…

Quotable

“Between these two clashing powers lies China. As the nation in the triad with the broadest policy options, China is positioned to play Russia and the United States off each other, much as the United States did with China and Russia in years past.”

David Gordon and Jordan Schneider, Treacherous Triangle

Commentary & Analysis
Time for a break in the pound? Chart view…

The pound has been on a tear as you likely know; for good reason given the surprising rebound in the UK economy. Technically a case can be made the high is in place at 1.6996—time will tell. But given how far and fast the currency has run against the dollar, a decent and “playable” correction would be no surprise. That’s why Black Swan Forex subscribers entered this trade short today—the risk/reward looks quite good. Take a look at our hourly wave chart of GBP/USD: