BRITISH POUND

Today's MARKET STATE BRITISH POUND **NEUTRAL DIGESTION**

- Technically the MKT is "on the fence" with the potential to go in either direction or nowhere. Pick your points and have no expectations, as the likelihood of this MKT trading sideways is high.
- On the SELL side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The pivotal nature of the session does have the potential to be the starting point for a new move. However, the probability of any trend action is more likely to just be the MKT defining its new consolidation extreme.
- On the BUY side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The MKT is "on the fence" and does have the potential to be the beginning of a new trend move. The probability of a new trend move is low. However, any price trend action is more likely to just be the MKT defining its new consolidation extremes.

Today's PRICE MAP Performance for BP

Wrap Up

Today in the BRITISH POUND market, our STOCHASTIC and BOLLINGER BAND tactics helped identify the trade of the day.  The R Level at the DP emphasizes the structural significance of the DP Support level.  Any sell off down to the DP should be viewed as an opportunity to get long the market with the expectation of a sideways trading session confined within the UP and DP, or Critical Range.  As the Stochastic indicator was giving us an "Oversold" reading, price action touched the lower band on our Bollinger Band indicator.  Both of these tactics confirmed the BUY opportunity at the DP as the market was overextended to the downside.  Traders were able to ride the long position up to the DIR, where profits could have been realized.