Cable_My five charts' worth_22.02.14
Monthly
Some will recall my mention of the level as represented by the yellow horizontal line that I placed on the chart. It represents an interesting indication of previous price action for me, and also, currently, indecision for PA.
Last week’s GBP numbers were not exactly stellar – but then whose numbers are these days?
I’m still of the conviction that PA will retrace back to the 61.8 FE, and which coincides with the MP. Indeed, what we may be seeing here is a retrace of PA back onto the inverting Guppy profile, after PA broke decisively north of the descending red MAs of the Guppy profile. This is a frequent behaviour that I see with Guppy Profiles.
Will we see 1.70 and beyond? Pff, I’m not sure, but am expecting a retest of the 1.64 region, in order to test for support.
Weekly
Again, as I see things, PA has made its move to finally dip under the WP… although not by much.
The candle that I see may well be trying to touch the white MA of the Guppy profile/allow the red MAs of the Guppy profile to catch up with the trend – should the trend truly be north. (It’s worth noting PA at these levels – yellow horizontal line – previously)
Daily
I’m not sure what candle pattern would best describe this week’s behaviour, but I’m not convinced that it is decisively bullish. Indeed, it suggests to me that in spite of everything that has been said the past few weeks, favour does lend itself too easily to Sterling at the moment. Of course, the Dollar is having a bit of a rough ride at present, but, I think, has the edge.
If I look at PA for the past few months – on the Daily chart – Cable does seem to be attracted to that 1.64 level, no matter what news.
4Hour
Well, that last candle sure does look heavy.
Pivots
Once again that WP holds my attention. Unfortunately, for my confidence, PA dropped below it last thing on a Friday, and so is not comforting my faith in my current short.
That said, if there is any move south in the first day or so of next week, I can see PA dropping back down to the MP/61.8 FE.
Monthly
Some will recall my mention of the level as represented by the yellow horizontal line that I placed on the chart. It represents an interesting indication of previous price action for me, and also, currently, indecision for PA.
Last week’s GBP numbers were not exactly stellar – but then whose numbers are these days?
I’m still of the conviction that PA will retrace back to the 61.8 FE, and which coincides with the MP. Indeed, what we may be seeing here is a retrace of PA back onto the inverting Guppy profile, after PA broke decisively north of the descending red MAs of the Guppy profile. This is a frequent behaviour that I see with Guppy Profiles.
Will we see 1.70 and beyond? Pff, I’m not sure, but am expecting a retest of the 1.64 region, in order to test for support.
Weekly
Again, as I see things, PA has made its move to finally dip under the WP… although not by much.
The candle that I see may well be trying to touch the white MA of the Guppy profile/allow the red MAs of the Guppy profile to catch up with the trend – should the trend truly be north. (It’s worth noting PA at these levels – yellow horizontal line – previously)
Daily
I’m not sure what candle pattern would best describe this week’s behaviour, but I’m not convinced that it is decisively bullish. Indeed, it suggests to me that in spite of everything that has been said the past few weeks, favour does lend itself too easily to Sterling at the moment. Of course, the Dollar is having a bit of a rough ride at present, but, I think, has the edge.
If I look at PA for the past few months – on the Daily chart – Cable does seem to be attracted to that 1.64 level, no matter what news.
4Hour
Well, that last candle sure does look heavy.
Pivots
Once again that WP holds my attention. Unfortunately, for my confidence, PA dropped below it last thing on a Friday, and so is not comforting my faith in my current short.
That said, if there is any move south in the first day or so of next week, I can see PA dropping back down to the MP/61.8 FE.
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