Forex

GBP/USD
Strategy: Bullish against 1.9335, Targeting 2.0030
The downtrend that had developed in the GBPUSD since the sharp reversal on November 9th continues to fade into the background. Price action is now confined to a range between 1.9400 and 1.9750, but these confines are not likely to hold the volatile GBPUSD for very long. I retain my bullish bias as 1.94 has held and a new subsequent swing lows from the initial January test have not produced a deeper test. Despite this outlook though, I will not be aggressively bullish until 1.98 falls to pound strength as there is some Fib confluence in the 1.9725/1.9800 area. Hedging a good, long-term entry may be a good idea until a break is confirmed.