Hi, this is Adam Hewison and today we will be analyzing the British pound – US dollar cross (GBP/USD).
Having grown up in England, I am deeply fond of this cross as it has been very good to me in my decades of trading.
Over the years, Sterling has enjoyed a fairly substantial increase in value against the US dollar and was recently trading over the 2.13 level. Presently, we are seeing a pullback and this cross appears to be exhibiting signs of a major top.
Yesterday was April Fools' Day (4/1/08) and we received our first weekly sell signal in this cross in quite some time. What this means is we want to sell short the British Pound against the US dollar. We're looking for this market to continue to erode in the weeks and months to come.
Our downside target zone for this cross is the 1.76 level. Currently we are trading around the 1.98 area. However, all of our signals are based on our Trade Triangle technology and this approach supersedes any target zones we have for this market. As of now we are short this cross.
The purpose of this video is to help you understand how you can trade in the forex markets using our Trade Triangle technology.
I hope you enjoy the video and that you find it helpful in your own trading education.
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