Trends and Targets for 5/03/2019

GBPUSD #Gold #SP500 This relationship, often referred to as Cable (simply due to original trades being enacted across the transatlantic “cable”), was last reviewed in January (link here). It recently achieved our 1.33 target, even bettering it slightly and closing a session marginally in optimistic territory. Has a trip to Disney in Florida become possible?

Firstly, it’s probably worth considering the chart inset and in particular, the red circled area. This movement, a few sessions ago, represented the market opting to move the pairing above the immediate downtrend, one which had been threatening reversal to 1.2 initially but realistically, it promised parity eventually. Thankfully, the market has rendered this immediate calculation improbable – not impossible. The relationship requires above 1.375 (Light Blue) before we can totally forget about parity.

Before moving on to cheerful hopes for a future against Sterling and the US Dollar, it’s probably best to mention the danger now at 1.20, if achieved. Anything below this level will justify panic, again with a trip to parity possible. Secondary, if parity breaks, is an ultimate bottom of 0.69 pounds to the dollar. Thankfully this danger is receding as it appears the markets are taking action to avoid this trip to hell.

 

For now, we shall be more interested if the relationship firms up above 1.332 as movement to 1.359 is expected initially. While the visual implication of such a target is to expect some hesitation, our longer term secondary – if the pair closes above 1.359 – is at 1.3974. This will recover Sterling above the Light Blue line, once again attracting tourism to the dubious attractions of Florida. Or (to ride our favourite hobby horse) making skiing in Colorado affordable again!

Chart goes here

 

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:40:43PM BRENT 65.6
10:43:08PM GOLD 1287.15 1282 1277 1260 1297 1297 1300 1306 1285
10:46:17PM FTSE 7120.15 ‘cess
10:48:26PM FRANCE 5278 ‘cess
10:50:26PM GERMANY 11558 ‘cess
10:53:25PM US500 2792.77 2773 2762.5 2744 2794 2794 2805.5 2811 2776 Success
10:57:12PM DOW 25801 Shambles
11:00:19PM NASDAQ 7143.37 ‘cess
11:02:01PM JAPAN 21668 ‘cess
4/03/2019 FTSE Closed at 7134 points. Change of 0.39%. Total value traded through LSE was: £ 5,059,790,524 a change of -16.69%

 

87total visits,1visits today

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.