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This thread was started in response to the Analytic:
GBP Trade Index 18-Year Chart
Daily GBP (British Pound) chart of 18 years of cyclical developments in finance & politics
Ashraf
Where it "should" be and where it is don't always converge. That's what makes a market. There is a reason it is where it is. You and I just don't know what that is.
I have been building a short position in this pair. It will go lower, the only question is when. Personally, I think it is living on borrowed time.
It appears in a subtle fashion market sentiment is shifting slowly back to usd. It has been rebounding against Cad, stabilized and making some positive gestures vs Chf and Aud. Because of the news which negatively impacted Usd/Jpy, the "heroes" and safe place to be today were Eur and Gbp. Particularly Gbp due to the downtick in eur/gbp.
Just be patient, don't overleverage, and make your decisions with a clear head and not on emotion.
Are you planning to short GBP/Usd and whats your views where it could go to ,In my opinion it should be down to 1.598 in couple of days what you think ,its fall looks very imminent....
Forming a Descending Triangle (Consolidation right now with lower highs)...1.1650 as support - which just happens to be in line with the 100 day sma.
Weakening USD at the moment and a lot of UK news coming out in the UK session - could drive this pair higher with positive Industrial and Mfg numbers.
sub, none of the corrections of the past 8 months exceeded 8 or 9 % solets just say 7% this time. only a deeper correction to occur when markets are more certain about the timing of the Fed tightening.
Ashrafr