Further to my UPDATES noted on my last post, a massive Head & Shoulders pattern has formed on this GBP/USD Monthly chart...catastrophe awaits as price flirts with the neckline.
But, the FTSE 100 Index closed the week 234 points higher than last week...Weekly chart below...
...so, while it has not yet experienced the plunge like that in 2007/08, it is threatening to at major support (where it has languished for the past year), as shown on the Monthly chart below.
While volatility remains elevated in world markets, it will be difficult to get an accurate read on firm and sustainable market direction for the foreseeable future...particularly if the Pound remains below 1.40 and the FTSE 100 remains at or below current levels.
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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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