Is GBP in overbought territory?
GBPUSD behaves like EURUSD, but unlike EURUSD, GBP was not in a downtrend before it went up and traded range-bound at1.57-1.56300. Now the correlation with EURUSD is reaching absolute values, which means that the currency is also in overbought territory and I think that it’s dangerous to keep buying. I would recommend refraining from launching positions until next week.
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My forecast participates in the Market Forecaster contest. Follow the link
s30655641881.whotrades.com/blog/43655120180
to vote for it and help me win the top prize. Thank you.
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