Cable formed a weird almost butterfly esque formation (well symmetrical type wings anyway!) earlier in the year which basically got use back to where we started
This month has seen a decisive move below the 200MA and we are now targeting 1.300 and 1.2700 as £ continues to weaken
Short on breaks of support or buy on corrections to support turned resistance levels
EUR weakness proving a consistent theme across some of the longer timeframe charts.
EURCAD has almost fully reversed the Jan-Mar ascent and with startling symmetry. We saw price pay the upmost respect to the 2016 high with a few wicks breaching the level before sellers drove price south.
For clues as to where this pretty choppy pair might head next it is worth ...
Takeaway: It takes a year for the BTC halving to take effect in the form of a massive spike, shown by the horizontal year long bars on the chart. Then, the next 3 years until the following halving, there is a drop and gradual start to the next rally triggered by the upcoming halving. We are at the peak after the 2016 halving, there will be a big drop to 2020's ...