I am sure this weekend will be special for Pound lovers thanks to my beloved grating agency, S&P for their timely downgrading. Although USD did take more hit than expected, at the end of the day, how good did we do in our trading matters a lot.
My SOLIMO indicates, additional caution is advisable since Pound has been trading without adequate strength along with heavy intraday volatility. In case of a major correction, I will not be surprised to see huge downfall in Pound before any firm upward rally towards 160. I advice my fellow traders to strictly stick with day trading and avoid over night positions.
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My present supports and resistances – supports 153.25, 152.05, 151.10 & resistances 154.71, 155.65, 156.54
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