mardi 30 décembre 2014
GBPUSD: Hitting Back, but for How Long?
Posted on 15:53 by nice news
In this iconic scene from the sixth movie in the Rocky franchise is actually a speech from Rocky to his son in an attempt to help him persevere in the face of perceived obstacles, but I’m going to stretch the parlance to aim it directly at the British Pound Sterling. Sure the GBP has been beat up and knocked down over the last 6 months or so against the USD, but so has virtually every other currency on the planet. The GBP could largely look at the EUR as the main progenitor of its demise, but it can’t succumb to pointing fingers. Cowards do that! As we finish the year, the GBP appears to be trying to mount a defense, to get hit and keep moving forward.
The unfortunate situation here though is that sometimes the hits are too much to overcome. This may be the case as almost resoundingly, economic indicators are showing that the US economy is catching momentum while the British economy is stagnating. It doesn’t matter how motivating a speech Rocky gives to the old bird, the GBP may be overmatched. In giving it the old college try though, small advances can be had which open up the possibility of going with the favorite at better prices.
The GBP/USD is currently advancing toward a level of resistance around 1.56 where it would complete a visually convincing Bearish Gartley pattern (brown). As the name suggests, resistance could be found when this pattern completes and then fresh new lows might follow soon thereafter. If it is able to overtake 1.56, the battle isn’t finished there as a 2nd Bearish Gartley pattern (red) completes near 1.5640. So even though the GBP/USD looks a little feisty right now and may exude that as the calendar turns to 2015, it may end up being short lived.
The unfortunate situation here though is that sometimes the hits are too much to overcome. This may be the case as almost resoundingly, economic indicators are showing that the US economy is catching momentum while the British economy is stagnating. It doesn’t matter how motivating a speech Rocky gives to the old bird, the GBP may be overmatched. In giving it the old college try though, small advances can be had which open up the possibility of going with the favorite at better prices.
The GBP/USD is currently advancing toward a level of resistance around 1.56 where it would complete a visually convincing Bearish Gartley pattern (brown). As the name suggests, resistance could be found when this pattern completes and then fresh new lows might follow soon thereafter. If it is able to overtake 1.56, the battle isn’t finished there as a 2nd Bearish Gartley pattern (red) completes near 1.5640. So even though the GBP/USD looks a little feisty right now and may exude that as the calendar turns to 2015, it may end up being short lived.
GBPUSD: Hitting Back, but for How Long?
Categories: but for How Long?, GBPUSD: Hitting Back
Inscription à :
Publier les commentaires (Atom)
0 commentaires:
Enregistrer un commentaire