Tuesday, March 23, 2010

Sterling, choose your poison, Budget tomorrow

All the attention is on Euro and Greece, I thought I would look at sterling and the budget tomorrow.  After last year I would not want to be long sterling going into tomorrow.

Cable, weekly and 4 hourly charts:
I count 7 unsuccessful attempts to break the 1.50 level and the fib confluence below.

Sterling Yen
looks even more bearish, daily chart, the trend-line re-test has held:

Bear flag and no buyers

GBPCHF:  1.60 level support is now resistance and a measured move projection from the flag puts it at the Dec08 lows at 1.51 (800 pips).  Whenever I think it can't get there I remember selling this pair off the 1.80 level last year and getting an e-mail telling me it would never reach my target of 1.66, (if only I hung in).


Weekly chart, broke 90 level and support becomes resistance. Break of 8.80 lines up the bottom of the channel.

On its way to test support at 1.50

Support becomes resistance?


  1. Firstly, PRT charts now nic?

    Secondly, yay, finally trading GBPCAD?

  2. Hey, great blog! what is your long term view for gold and just wondering do you trade chart patterns i.e H&S patterns and do you think they are notable factors, maybe you could write an article some time :D



  3. Hi Dan
    I see the head and shoulders you are talking about and so does everyone I think. My experience has been they don't work very well on Gold!! I will post a chart after dinner for you.