I currently have a recommended long position for the September British pound – long from 1.485- in the TMV Swing Trading Report. In the last issue I expressed concern that the market may have difficultly crossing the up-sloping median line and it my be time to exit. On the bullish side, is the bullish reversal date (June 22) where the market had dipped down to the 20-day EMA and triggered the buy signal. The pound began Friday’s session with a lower open, trading below the previous day’s low, before resuming the upward trend. I consider this as positive price action and now look for the market to continue higher and cross the median line. I suggest holding long positions and raising the stop loss to 3 ticks below Friday’s low (1.4850).
