I posted an article on Forexlive.com on the GBPUSD and how it has moved 850 pips in 12 trading days. That does not happen often. In fact, the last time it moved so aggressively way way back in April/May of 2010.
So what does that all mean?
Many may think the move is overdone?
Many are wondering if they should buy?
For me, it may be overdone but I am not convinced it is time to buy.
You might argue that surely the odds are that the price will rebound vs. go down further. You may think that the pair is oversold. You might feel certain that compared to 2010, things are better in the UK and therefore, the price cannot keep moving lower (and in fact deserves to be higher).
All those are – or may be – true.
The thing that stops me, is that the sellers are still in control. How do I know?
In this video, I look at the GBPUSD and explain how the sellers have remained in control by using technical trading tools that help define the control – and the all important trend.
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I created this video with the YouTube Video Editor (http://www.youtube.com/editor)