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Christopher Lewis
GBP/USD daily chart, March 14, 2019

The British pound recovered some of the losses from the Tuesday session on Wednesday, as we continue to gyrate and bounce around in this overall region. Ultimately, this is a market that looks very likely to continue to be choppy, especially around boating time. Overall, it looks as if the British pound has tried to bottom for the long term, as the market participants start to believe that perhaps the idea of a “no deal Brexit” is almost impossible. If that’s going to be the case then people start to question whether or not there’s even going to be a Brexit, or at the very least there should be some type of delay.

GBP/USD Video 14.03.19

Although the British pound looks positive in general as of late, the reality is that we are probably going to see a lot of chaos in this market. We are at historically cheap levels, so of course I think that a lot of value hunters are coming back in, suggesting that perhaps we will eventually have some type of normal exchange rate in the British pound. We have recently broke above a major downtrend line, and now have tested it, made a fresh hi, pulled back to make a higher low, and find ourselves in a big fight.

The one thing you can probably count on is a lot of noise but overall this is a situation that favors a longer-term “patient” attitude, and that can only be accomplished by keep your position size small. I do believe that the British pound will eventually go much higher.

Please let us know what you think in the comments below

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