I've no idea of the answer to that question right now. Bank of England Governor Mervyn King recently warned in the event of a Eurozone collapse we could see a rush of investors buying the British Pound taking it to unsustainable levels. The MPC is likely to expand it's asset purchase program of £275 billion which I think GBP is already pricing in, however
Ok, so I promised an update of charts I was watching with a view to trading this Week, but unfortunately due to a sickness bug I was unable to do so, and that also unfortunately meant missing out on taking a couple of nice trades.
This post is borne out of the fact that I was caught on the wrong side of the trade today whilst running day trades on the DOW. What works for me consistently, simply didn't today and everything I tried in order to correct the situation made it worse!
So I've taken a closer look at the DOW and decided I'll share my findings....even though there's still no solid conclusion!
Daily chart is still showing identical characteristics of the
It's not technically a swing trade, just a trade based on probabilities.
Previous GBP:JPY analysis suggested there would likely be some upside and as that upside is now in progress I've decided to take a position with a view to those upside targets being achieved.