GBPUSD – staying long

10.45 gmt, Sept 30

I’ve got only one position open, long GBPUSD at 1.6054 since Sept 22. This is a relatively long-term play. It is a trade based upon the completion of a well-formed double bottom on the daily chart with the neckline around 1.5730. The measured move target for this pattern is 1.6680. It may take a few weeks to get there, but so far the progress looks very reassuring.

This trade also suits me right now because it is a set and forget trade. I am in the midst of my move to Singapore and do not have the time to monitor the markets continuously. It will be a another 4-6 weeks before I get fully settled.

The Fed non-taper event, and the current budget showdown are playing right into this trade. Lets wait and see how long it takes to get to the target.

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