Interesting chart. I have been concentrating so much on the plight of the Dollar over the last few months that I had not noticed that Sterling is actually declining against all the other major currencies as well. It seems to be a case of which one will fall quicker and further.
If one were to go by the chart you attached, I would say ......The writing is on the wall.
If one were to go by the chart you attached, I would say ......The writing is on the wall.
Hi Roberto,
I'm no FX expert (as you know) - this is how I see it. Looking at the daily chart it looks a tad overbought MACD is beginning to show -ve divergence. We might see some shorter term retracement to the key fib levels: 1.8215; 1.8125; 1.8035.
To me the weekly chart looks bullish from one perspective, with the MA crosses we talked about earlier signalling wk beg 4th Oct and MACD confirming from the 18th Oct. However, a bearish caveat is that we've had two prolonged bounces from the 38% weekly fib (around 1.7800) with lower highs following, to form a descending triangle; fib areas south from 1.7800 are 1.7400 and 1.6950.
Fundamentally, the dollar appears to be in for a prolonged battering, so overall, I'm bullish cable longer term.
Now watch it turn on a dime and smash through 1.7000
BR
I'm no FX expert (as you know) - this is how I see it. Looking at the daily chart it looks a tad overbought MACD is beginning to show -ve divergence. We might see some shorter term retracement to the key fib levels: 1.8215; 1.8125; 1.8035.
To me the weekly chart looks bullish from one perspective, with the MA crosses we talked about earlier signalling wk beg 4th Oct and MACD confirming from the 18th Oct. However, a bearish caveat is that we've had two prolonged bounces from the 38% weekly fib (around 1.7800) with lower highs following, to form a descending triangle; fib areas south from 1.7800 are 1.7400 and 1.6950.
Fundamentally, the dollar appears to be in for a prolonged battering, so overall, I'm bullish cable longer term.
Now watch it turn on a dime and smash through 1.7000
BR
absolutely
this line + upper daily Fib is sure a big headline pitch, but if it should pop thru & form a pullback opp, it could gun to next level s&r very quickly, and once (if) it gathers momentum - who knows where it could wiggle to?!......a case of climbing onboard at these wiggles on the shorter term levels & riding it..... often the case when all the 'yappers' are talking an instrument to death ($ must go lower/higher etc...), the reverse occurs & smacks everyone cleanly in the mouth
I guess as long as we're alert to the each way kicks, and position ourselves accordingly - both sides of the coin can flip positive!!....I simply prefer (as do most folks I guess) to bound along happily & tag onto it's tail.....if it roars off in one direction - run alongside it (with a couple lots trailing the initial move of the day)........if not - bail & catch it across the road at the other bus stop
that way, I aint gonna get caught in the middle of the road confronting a runaway bus.
I guess as long as we're alert to the each way kicks, and position ourselves accordingly - both sides of the coin can flip positive!!....I simply prefer (as do most folks I guess) to bound along happily & tag onto it's tail.....if it roars off in one direction - run alongside it (with a couple lots trailing the initial move of the day)........if not - bail & catch it across the road at the other bus stop
that way, I aint gonna get caught in the middle of the road confronting a runaway bus.
Attachments
Many thanks for all the helpful comments and observations, guys.
That's certainly my reading of the situation, which is why the charts surprised me a little. But as LION63 says, Sterling is also a bit battered (so much more convenient than being lightly fried in extra-virgin olive-oil, you understand ...).ChowClown said:
frugi
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If the triangle (pennant on the weekly, really) does break to the upside, target is 2$ to the £ plus, at which point a cheap holiday in California would beckon
Looks like it's falling back down for the moment though.
Interesting that the line on Roberto's daily chart is slightly different from mine. Wonder if that's down to our individual 'taste' or is my data provider a bit inaccurate?
Looks like it's falling back down for the moment though.
Interesting that the line on Roberto's daily chart is slightly different from mine. Wonder if that's down to our individual 'taste' or is my data provider a bit inaccurate?
Attachments
Hi Gamma,
Just as a charting package so far. I found eSignal very expensive! I would LOVE to be able to create an Exponential Price Oscillator using the "make your own indicator" toy, but the chances of that ever happening are less than my being the first man on Mars.GammaJammer said:
Only to re-assure you that the fact that you had any to go rusty makes you an expert when compared with me. Sorry!GammaJammer said:
