TMV Swing Trading Report – Long December British pound @ 1.5495 – last price @ 1.5672 – Last week I posted a chart of the long British pound with the target objective highlighted. I made the recommendation to buy the British pound after spotting a peg-leg price bar on October 6, 2011. The peg-leg pattern was due to the failed swing pattern when the pound traded through the September 22., 2011 pivot low of 1.5316, but failed to find new sellers and closed higher on the day.
As you can see on the chart, British pound continued to rally over the weekend and has reached the protective target objective. I look for the market to lose some momentum and pull back over the next few trading sessions and form the (C) to (D) reaction swing that will complete the bullish TR pattern. A confirmed TR pattern would suggest a major trend change and the beginning of a new upward price trend. I will keep you abreast of any new swing trade opportunities in the upcoming issues of the TMV Swing Trade Report.
December British pound - click to enlarge
