A Live Trade For British Pound

If you are a trader of British Pound, here's something you might want to take in consideration. This is a real time trade of British Pound that outlines the reason why it cannot sustain current looks and levels. Most traders think that British Pounds are greater than Dollars, but then it is not always the case.

Take a closer look at the monthly chart of British Pounds. You will notice that there is a triple top on the two dollar level. This is a representation of a near term resistance. Resistance is a major thing. With this, most traders think that the forex market is some kind of bullish because it is penetrated during the short term. The weekly chart shows a 70 in the RSI. On two previous occasions, this RSI reached to 80, thus, the prices cannot be sustained and the exchange in the forex market for British pound is lower. On the daily chart of the live trade, you'll notice that there is a similarity with the monthly chart. There is also a triple top on the two dollar level and the RSI is already in the overbought territory. It is a fact that forex market would normally crash when the speculators are bullish and that they are on their last report showing the British Pound longs during the high records.

If you're an option seller, it may seem that selling the premium look appealing and it offers you good income. If you are a buyer, look for markets that have a lot of time to expire.