Can it turn things around? It’s been a rough time for the pound, particularly against the yen and this week has seen it cross into bearish territory. The pair had been on a strong uptrend but a weakening of the UK economy and pared-back interest rate expectations for the Bank of England started the decline from the highs which was finished off last Friday by the Omicron announcement. Since then it’s been on a sharp trajectory lower and now, having fallen through major support levels, it’s a case of how far it can drop. Of course, this depends heavily on the scientific data on the new variant in the coming weeks ... (full story)
Joined Mar 2008
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Status: PVSRA with Traderathome
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PA has simply returned to the bottom of an established range (view your Month chart!). On the Week chart this bottom is a very significant S/R area, PA is still trending up and volume on the move back down is exceptionally high (hint: "Buy low. Sell high."). So, this move lower might be a "healthy retrace " in a relatively new bull trend (view your Month chart!). What might follow could be reminiscent of the HTF bull move that made Soros very wealthy.......