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British Pound Hits Intraday Target...Take Profits and Run

Last updated 3/13/2009 12:48 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

In this morning intraday technical report a GBP/USD short was highlighted ( here ) as bearish Gartley and butterfly patterns completed near 1.4070. Prices have since knocked out the initial profit target at 1.3952 (T1) in which case we take partial profits (half of the position), and then move stops to break-even looking to let remaining profits run to T2.

However, Foresight-A.I. ™ (GFT's exclusive time/trend leading indicator) has forecasted a mid-morning reversal at which point a bullish 127.2% ABCD has completed as indicated on the 2 min chart. Considering that I'm not all that smart, we've decided to close out our position on this artificial intelligence forecast as it suggests prices to rally headed into the weekend and is confirmed by the bullish ABCD extension pattern completion. As a result, we've closed out our position at 1.3968, and will happily take these profits and run.

1hr Chart - T1 has been achieved on this morning's short off bearish Gartley/butterfly pattern completion	2min Chart - Foresight-A.I.™ time/trend forecast suggests mid-morning reversal confirmed by a bullish 127.2% ABCD extension pattern.

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