Look how many times the 1.01 level has acted as resistance ... a whopping 4 times since July Last year ....what makes me think this might happen again ?
Either way a good opportunity to get a short in with a good return value ... a stop could be just above the resistance line leaving you with a good potential return down to around the 0.99 level.
This is a tricky long term trade. Sterling looking for value up or down from the 1.25mark.
An upward break could reap better profits than a downward break as the sterling USD is unlikely to push lower than the 1.21258 mark.
Coming up Retail Sales GBP figures on Friday might show a resilient spending base in the UK while the US PMI numbers might pull out in the ...
RBA rate decision
Mostly due to Housing Bubble Risks - a hawkish rate rise
is looking very unlikely - meaning there will be a push in
favour of the Euro next week especially if the Brexit summit
reveals any positives for
the Euro on UK severance payments
Ascending channel resistance time!!
Stochastic showing overbought and top end channel resistance likely plus some fundamental Euro weakness with a Greenback bounce back this week expected.... short good odd down to the 1.08 level?
If the Loony gets a boost from good unemployment data on Friday the Loonie could
turn up on the decending channel support around the 84 mark which could see
the loony go back up to previous resistance levels of around 87.