Does anyone else think it would make sense for cable to consolidate between 9430 and 9850 until at least the New Year?
My first demo trade in a long time was a profitable one today (reversal off the 9430 low) which I'm happy about and I want to get back into the swing of things.
People may also notice a descending triangle on the 4H charts which could cap the upside move of today. Would an inability to close above 9630 be sufficient confirmation of this or would people look for a decisive fall below 9590?
At this time there simply isn't enough evidence to value the pound above $2. US has better interest rates, energy prices are easier (which translated to a nicer trade deficit). Also worth noting is that EURGBP is supported by the MAJOR triangle on the Weekly chart so, if the dollar does continue to depreciate surely the Euro would be the counter-currency of choice.
One more thing, for the last couple of years the (since i've been looking at FOREX) I notice that the trend shift during the beginning of the year tends to carry through the whole year. It's complete conjecture but I'm definitely going to keep an eye out for a large bias shift come Janurary.
Anyway, enough from me. Time for the experts to talk.
My first demo trade in a long time was a profitable one today (reversal off the 9430 low) which I'm happy about and I want to get back into the swing of things.
People may also notice a descending triangle on the 4H charts which could cap the upside move of today. Would an inability to close above 9630 be sufficient confirmation of this or would people look for a decisive fall below 9590?
At this time there simply isn't enough evidence to value the pound above $2. US has better interest rates, energy prices are easier (which translated to a nicer trade deficit). Also worth noting is that EURGBP is supported by the MAJOR triangle on the Weekly chart so, if the dollar does continue to depreciate surely the Euro would be the counter-currency of choice.
One more thing, for the last couple of years the (since i've been looking at FOREX) I notice that the trend shift during the beginning of the year tends to carry through the whole year. It's complete conjecture but I'm definitely going to keep an eye out for a large bias shift come Janurary.
Anyway, enough from me. Time for the experts to talk.