GBP to hit $2?

[scorpion]

This is very interesting. In November 2005, the pound was to hit $2 and then fell sharply back to the ground, and now it is attempting to hit $2 again. Also USDJPY is now going to hit 120 again after the failed attempt in November 2005.

Do you think GBP will hit $2?

[pipnzcool]

Don't you mean 2004? 12/16/04 the GBP was at 1.9465. Nov 2005 the GBP was at a two year low at 1.7143. I believe it is very likely the GBP will hit $2 before the end of the year. It is following the same trends and patterns that I mentioned in the post I placed earlier today. (see below) However due to the levels and significant line up of the dates, I believe it is more probable that the EUR will hit 1.3500+ by the end of the year.

"I have been following and profiting from this move since mid Nov. Has anyone noticed the amazing similarities of mid Oct 2006 thru the present time, to Mid Oct 2004 to the same time (mid Dec) 2004. The most notable dates are 11/23/04 to 11/22/06, 11/26/04 to 11/24/06, 12/03/04 to 12/03/06, 12/10/04 to 12/15/06. Is this just a coincidence, because beginning 11/24/06 I began trading on this pattern and have made a lot and lost little. If this continues we should expect a long beginning very soon thru the end of the year. Have I just been lucky, or is this probable?"

[scorpion]

Right, i was confused with the year. But obviously, most pairs are repeating the patterns in 2004.

[pipnzcool]

Have you been placing orders on the assumption that it will continue? I have up until now, but was wondering if others were ordering on the belief that it would have the same finish as 04.

What are your thoughts?

[scorpion]

I think the dollar is growing stronger. Starting in December, Bank of Japan normally buys large amount of USD while selling its Yen. From that point, everything is changing. EURUSD and GBPUSD is going down, while especially USDJPY is going up and will stay around 120-125 until end of April.

We should halt any long positions for now.

[pipnzcool]

Thanks for the input.

[gazuz]

So does this mean it will be whipsawing and rather flat or will it just go the direction u mentioned?

[scorpion]

I believe GBPUSD and EURUSD are going down now. USDJPY is going up but it will fluctuate around 120. Best pairs should be GBPUSD, EURUSD and down trend until Feb, March, or April.