DislikedINFORMATIONAL UPDATE *Monthly RSI now reads 63, previous time this happened was January to July 2014 where price traded at 1.7190 followed by low of 1.5485 in December 2014 (1700 pips decline) *Weekly RSI now reads 71 previous time this happened was March/April 2018 (RSI 74) where price traded at 1.4375 followed by low of 1.2475 in December 2018 (1900 pips decline) *Daily RSI now reads 72 previous time this happened was June 2020 where price traded at 1.2812 followed by low of 1.2250 same June 2020 (562 pips decline) IMMEDIATE BIAS Possible top...Ignored
My point is that the old saying that ' an instrument can stay (so-called) overbought/oversold longer than traders' have money in their account' may be pertinent on this occasion - who knows? On my own 2 oscillators; price is overbought on dly and wkly, but not mthly yet, and on the histogram there is no regular bearish divergence on dly or mthly but there is on wkly. (Wkly is below.)
If Uk Pm Johnson's 'way out of lockdown' statement is more dovish than expected tomorrow (Mon 22nd) it could well see some £ selling, but if it is more hawkish than expected we could see some renewed £ buying after it. I think the former is more probable but none of us know. Should be an interesting week ahead. G/L with your trades.
The prev mthly swing hi @ 4376 (from April 2018) is probably a target for longer term bulls?
Intraday swing scalper +, via Supp/Res & Pa etc.