09/01/2015 – British Pound

Issued: 08/31/2015

September British pound:

1. The next important daily market bottom for the September British pound was Thursday, August 27 (+/-1 day). Therefore, today (Monday, August 31) is the one day late period for that bottom. This places the market at a critical juncture on the downside.

2. Continued hourly and especially a daily close above $153.70/$55 indicate a tradable multi-day advance and test/attempt at $155.00 (or higher) into mid week or slightly beyond.

3. An initial long position exit should be taken at/near $154.30. The remaining position should be held for the $155.00 upside target noted above.

4. Once long, a protective sell stop should be placed at $153.30. This stop will be moved higher as the market continues to confirm. Will update.

David Williams

Issued: 09/01/2015

September British pound:

1. Our previous September British pound report indicated that the next important daily market bottom for the September British pound was Thursday, August 27 (+/-1 day). Therefore, Monday, August 31 was the one day late period for that bottom.

2. However, today’s (Tuesday, September 1) September British pound session broke to new lows and closed the day well below the $153.70/$55 level (today’s daily close, $153.06). This negates the September British pound indication.

3. Those entering based on hourly closes enjoyed an advance to $154.07 but the market subsequently pulled back to a breakeven and lower. Will message any further entry or indication of the September British pound.

David Williams