It's not his fault, it's the marginal gain approach imploding and taking anyone who uses it with them. This is how it should be done http://www.ustream.tv/channel/3CYHkspXE5t (make sure to choose 1080p).
Three months ago the real traders knew the future value of sterling Monday, 27 Jun 2016 http://www.cnbc.com/2016/06/26/poun...-further-as-brexit-uncertainty-continues.html Singapore bank DBS warned, "it is premature to conclude that the worst is over," adding that its worst-case scenario was for the pound to fall 10-20 percent on a trade-weighted basis. That implied the pound could fall to $1.15-$1.25, and could even "overshoot" to as far as $1.05, DBS said.
It's the perfect long-term trade considering the upside vs. downside potential. What happens in the short-term doesn't change that macro view. Like I mentioned before, dollar cost average into it every month for six months.
It's a trade in my IRA that I'm comfortable sleeping with at night. I only buy and hold tangible assets and never average down daytrades. To answer your question though, I'll average into any price under 1.30. I estimate that it will outperform the US Dollar and S&P within 24 months.