DislikedI also see 215.25 being tested, this is the 50 % retracement on the daily and the 50 sma on the daily.
However the news coming out of the US may outweigh the news coming out of GBP. Some of this news could send the market spiraling downwards no mater what the technicals say. We seem to have a tendancy for negative surprises than positive surprises these days.
Things like PPI , consumer confidence, home sales , both new and exisitng, durable goods index , GDP. The upcoming week makes last week look like news LIGHT ... lol .
Traders are thinking next week is going be a big week. For sure it is going to be a volatile one.Ignored
Price can't get and sustain above 211.80 since being rejected @ 213.80 area.
Since then GJ has been making lower highs. . . A break above 211.80 would confirm the uptrend, otherwise we may continue this Sideways trading which GJ could revisit/retest the lows again, not saying this week but it's certainly possible. Weekly s1 = 209 (tested last week), Weekly s2 = 207.24
Keep an eye on oil prices this week =
Also, keep an eye on the UJ chart - similar situation. . .
Broke major support @ 107.65, a firm break below 106.95 area might not be good for GJ.
UJ needs to get back above 107.65 area as GJ needs to get above 211.80 area to convince an uptrend
Would love to see more analysis from both perspectives (LONG and SHORT). . .
Dagoods where are u?????? lol!
But trade what u see only time will tell!