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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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Friday, May 15, 2015

British Pound Running Out of Steam?

If you'd bought the British Pound back in mid-April of this year, you'd have made a pretty penny, as shown on the following Daily chart of $XBP...likely in anticipation of the British election, which was held on May 7th. Price closed at 153.79 on that day.

If price can hold above the 200 Daily Moving Average (156.59), the next resistance level is around the 162.50 price. However, we may see some whipsawing around the current price until the overbought indicators settle down a bit. And, this chart is still under the bearish influences of a Moving Average Death Cross formation, so price may simply be retesting the 200 MA before plunging, once again, possibly to the 50 MA (150.37), or lower...or it may stop at the above-noted close of May 7th before resuming its trek upward.