I am long the British pound on the trendline break at an average rate of 2.0026 with stops below 2.00. Initial profit target is the .618 retracement at 2.00639, trail stops to cost on the balance, and book profits on the last at the .786 retracement of 2.0093. Watch EUR/USD make an all-time high just above 1.3667, and quickly dump. If we are just short of the first Sterling target when this occurs, be very quick to tighten up stops, and/or book profits.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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