The pound nears my 1.45 target against the dollar

The pound is rising to meet spread betting expert John C Burford's target in the charts. But the bounce could go even higher.

On Friday, I made a case for GBP/USD to stage a rally with a target around 1.45. A rally did indeed materialise, but it was not without drama.

Because this market is not as heavily traded as EUR/USD, it suffers from occasional spikes, where the market drops very suddenly, and then recovers just as quickly (and vice versa).

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.