Sometimes, the fate of a trader is to simply sit and watch. That has been the case with me and the British pound because I have not had the pullback that I have wanted in order to get involved. I suggested that the 1.30 level would be targeted, and it certainly looks all but assured at this point. As I record this, we are only 20 pips away so it is hard to believe that we will get there. The British pound has been benefiting from being historically cheap, while the Federal Reserve works against the value of the US dollar in general. Given enough time, I think that we go towards the 1.3150 level.
Perhaps the 1.30 level will cause enough profit-taking in order to get that pullback I want, and that is essentially what I am waiting on. With the FOMC statement coming out later in the day it is likely that we could get some volatility, but I would not be a seller of the pound anytime soon, unless of course the Federal Reserve suddenly changes its stance on almost everything. Because I do not think that is going to happen anytime soon, it is a fair shot that we will be looking at buying any dip as it should offer value.
Longer-term, we could be seeing a major trend change against the US dollar gets multiple currencies, so when these pairs such as the British pound and the Euro pulled back, they should offer value in general. There is no need to fight the momentum.
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