Posts Tagged ‘dropped’
After touching the downtrend line from 1.6441 to 1.6261, GBPUSD dropped from 1.6118. Now the fall from 1.6118 would possibly be resumption of downtrend from 1.6546. Deeper decline to test 1.5912 previous low support is expected later today, a breakdown below this level will signal resumption of downtrend, then next target would be at 1.5700. [...]
Wednesday was a bad day for global markets. Or was it?
Although it felt terrible to see stocks down so much in one day, the reality is that they fell back only to where they were about 10 days ago, and the market didn’t seem so bad then. In fact, it felt pretty good at that point, [...]
Asian central banks did not need to intervene to soften their currencies for competitive reasons. Risk aversion prompted profit-taking in Asian currencies among investors this week.
Why should speculators care? Because less intervention means less diversification of reserves into Euro, GBP, AUD, etc…
Being contained by 1.4769 previous high resistance, GBPUSD dropped sharply from 1.4758 last Friday, suggesting that a cycle top is being formed on 4-hour chart. The fall from 1.4758 could possibly be resumption of downtrend. Another fall towards 1.4230 previous low would more likely be seen. Key resistance is at 1.4769, only rise above this [...]
