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:
In our Nov-24 report (31-Oct-24, US10Yr @ 4.26%), we had said that it was possible that the FED may cut rates by at least another 50bp in 2024; that the fall in the US10Yr from 5.02% is over and an immediate dip from 4.4% to 4.0-3.8% could give way to an eventual rise past 4.8% towards 5.0%. In line with that, the FED did cut rates by 25bp in November. Although the US 10Yr rose to …. Read More
With recent US economic data coming out strong, there has been reduced chances for an immediate economic slowdown in the US. Will this reduce chances of a decline in the crude prices and continue to keep it ranged? Or can there still be a significant movement in crude in the coming months?. … Read More
In line with our alternate view in our Nov-24 edition (13-Nov-24, EURUSD @ 1.0615), Euro did break below 1.06 and fell to a low of 1.0333 in Nov-24. However, it could not sustain at the lows and have bounced back well to ……. Read More
Our December ’24 Monthly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.
Our December ’24 Monthly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.