The pounds tricky week continues. Against the EUR it trades uncomfortably north of 0.9000 and against the JPY it is trading below 128.00. A week can be a very long time in the forex market. At last week’s LIVE Analysis webinar I was considering a possible contrarian long position in GBPJPY if the pair closed the day over 131.40. It did not trigger and it currently trades some 350 pips lower at 127.70. Sentiment and fundamentals are driving the GBP for now and this is nowhere better exposed than in the cable trade.
1.2500, 1.2400 and now 1.2300 have all succumbed to the relentless move lower. The short term 30 minute chart above shows very clearly when a trend is running and how entry levels and targets can be calculated, with the trend being very much your friend. Join me later today in our next Webinar when I will be looking at the markets in real time and answering all your trading questions.
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