The Great British pound has gained ground over the last week versus the US dollar, but remains firmly in a severe, multi-month downtrend.

Over the last couple of days, we can see teh GBPUSD pair has formed an inside day (Tuesday’s bar range is within that of Monday’s range).

This suggests a turning point in the market.

With the overall trend firmly lower, we can see that 1.8550 is the clear 61.8% Fibonacci resistance within this current swing.

We are drawing our Fibonacci retracement from the start of the breakdown at 1.9355 region down to the recent lows at 1.7455 region.

ASR will track this trade as an SMS Support trade – with all important information regarding the trade to be conveyed through SMS updates.

ASR entry only by SMS Alert, but members may enter according to their own discretion based upon the above analysis.

As usual, we will not be risking more than $200 on this trade at our stops.