I WILL BE SELLING GBP/USD AT 2.0490




Sell the over-valued GBP against the USD at 2.0490 or higher
Stop-Loss can be put at 2.0800 (See update at bottom of this post)
Target for this trade over the next few months will be in the direction of 1.9800
REASONS FOR THIS TRADE: I think that the British pound is way over-valued against the US dollar (and the Euro too). Yes interest rates are higher in the UK compared to the USA and the Bank of England look set to raise interest rates even further in the coming months compared to the US keeping interest rates on hold or even lowering them. But I think that the GBP will slow down against the USD over the next few months and head in the direction of 1.9800.

GOOD LUCK
UPDATE 1: 1st of AUGUST 2007. MY STOP-LOSS HAS BEEN MOVED TO BREAKEVEN AT 2.0490
UPDATE 2: 3rd of AUGUST 2007. MY STOP-LOSS HAS BEEN MOVED TO 2.0420 UPDATE 3: 3rd of AUGUST 2007. MY STOP-LOSS HAS BEEN HIT. RESULT +70 POINTS