followup-in-sterling

Mar, 28, 2004     By Vikram Murarka    0 comments


GBPUSD Weekly CloseFOLLOW UP - Bear SHS in Sterling?

In the last issue we had pointed out a three decade old Downtrend Resistance on the GBPUSD Monthly chart, which presaged weakness in GBPUSD. Technical Analysis is based on the assumption that ALL factors governing Price are in the Price itself and we can predict Price movements through the study of Charts. This assumption seems to be proving correct yet again. The Sterling seems to be developing a Bearish Shoulder Head on the Weekly chart (shown alongside), confirming the prognosis of the monthly chart.

If this works, Cable can fall to 1.73-1.70 over the next 4-8 weeks Negation would need a Week Close above 1.8589, as compared to the current level of 1.8158.

Vikram Murarka

Chief Currency Strategist at KSHITIJ.COM. Likes to look at the markets from many different angles. Weaves many conventional and unconventional technical analysis techniques and fundamental analysis into a global macro perspective. Likes to take the road less traveled.



Leave a Reply


Dollar Rupee Forecast. Get a Free Trial

TWEETS


18Sep17 EURSUD 1.1957: Uptrend valid while above 1.1850. Will FOMC on 20th change that? https://t.co/ftRRE3O85y https://t.co/ftRRE3O85y

2 days ago  

14Sep17: US Yields up ahead of US CPI today. Watch Resistance at 2.80% on the US 30Yr. https://t.co/03YutLe3E7 https://t.co/03YutLe3E7

6 days ago  

14Sep17 US-Japan 10Yr Spread (2.16%): Near-term Resistance at current level. Watch this. https://t.co/bgOpMKMsi1 https://t.co/bgOpMKMsi1

6 days ago  

14Sep17 German-US 10yr Spread (-1.79%): On the verge of breaking uptrend since -2.16%? https://t.co/fRpk8cz8Ie https://t.co/fRpk8cz8Ie

6 days ago