diverging oversold RSI & MACD important on context of potential longterm trend change see previous two posts. Fundamental story Brexit resolution clears uncertainty.
On the long term Cable chart, GBPUSD we aer due a trend change. Evidence slowing decline in Cable, multiple divergences on MACD. Story to back it up would be Brexit positive outcome be that deal or the ability of the UK to strike out on its own and do more Japan type deals. On shorter term day charts we are about at 200day SMA support level. It will likely get...
slow grind upwards for GBPUSD, Either way a buy around bottom of up channel around 1.2520 - 1.2540. Cable still massively oversold, reversion to mean around 1.50 will come.
todays upchannel held, with solid gains in London trading. Pitchfork on hourly set in daily upchannel indicates further gains most likely towards 1.28 to start with.
Looking for a close above 1.27 soon to confirm reversion to mean around 1.35 initially, little resistance up until 1.30, no major resistance until 1.35
Story is good with a world of shorts who will all need to cover as UK is the strongest independent Major country in Europe in actual fact both from an economic and military standpoint. The big fiction being the...
Technical: Following on from my previous post this is the hourly chart showing that so far this morning, channel support is holding on a wildly oversold GBPUSD pair. Cable top side channel resistance not till around 1.2750. earlier resistance levels around 1.25
I expect that all will be broken over coming months as reversion to mean continues.
Fundamental: ...
Technical - very oversold see MAs, MACD divergence on daily clear enough. Flash crash in October, not retested as yet, solid buying from that huge hammer low which most likely marks the final low. Friday close at the bottom of the channel is an ideal buying oportunity. GBP also very strong against JPY and Euro since US election and big buy volume spikes on...
