the daily chartist

Pound moving deep into Bearish territory

published 7 months ago

 Sterling has played out the Bearish scenario very well also, slipping under 1.30562 around Brexit uncertainty and USD across the board. The price is currently still subdued as Bulls have a hard time even for a 10 pip push up. With that, I think the price will continue to slip further towards 1.29 level and to 1.27903 for a good take profit level there from a well placed short at 1.30563. Have in mind still thought that the both Stoch and CCI oscillators are starting to move North and to hint for possible buying signals for the future. Even if true, regards to the negative fundamentals for the GBP they will manifest in nothing more than Bullish corrections. Today's daily candle will be an important one to watch for as if it closes with a big shadow and under the 1.30562, selling will be resumed with great acceleration from the Bears. Tough period for the Sterling, but hey... good one for the export and the economy (watch that trade balance).