followup-in-sterling
Mar, 28, 2004 By Vikram Murarka 0 comments
FOLLOW 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.
Array
You may also like:
Assuming greater chances of a slowdown rather than a recession, we project the US10Yr to rise towards 5.25% (May-25), followed by a dip towards 4.55% (Jul-25) and then another rise back towards …. Read More
In our last report (10-Jan-25, Brent $76.95), we expected Brent to remain between $80-60 region with an initial test of $80 in Jan-25 itself before falling to $60 by Jun-25. Thereafter the price was expected to rise slowly in the second half of the year. Brent rose to a high of $82.63, past our Range Top of $80, but has fallen back below $80 from there. … Read More
In our Jan-25 edition (18-Jan-25, EURUSD @ 1.0287), we expected the Euro to come down towards Parity by Mar-25 while below 1.0450 and then rise to 1.06 by Dec-25. In actuality, the EURUSD stayed above 1.025 and rose to 1.0534 ……. Read More
Our February ’25 Monthly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.
Our January ’25 Quarterly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.