GBP/USD for 18/06/2019

#Gold #SP500 At time of writing, 1.2540. It has been a few months since we reviewed this. The pairing attempted to strengthen and then failed. Now, it’s hovering with some intent toward weakness. We’re amazed to report, despite Brexit nonsense, Tory Leadership nonsense, or a US President visiting, nothing important has actually happened so far but… there are risks.

The big problem immediately is at 1.2525.   Travel below such a level now calculates with the potential of a visit to 1.240 next. Secondary, if broken, comes in at 1.2222 along with a fairly confident looking rebound potential. However, the big picture takes issues, should 1.222 break for any reason as the uptrend in RED since 1984 risks being ignored in favour of continual reversal down to 1.1677.

To be blunt, if it were a share, we’d already assume the intention will be 1.1677 as some sort of “bottom”, due to three quite distinct scenario pointing at this potential target. Thankfully, the pairing does not require a great deal of work to rubbish such a prospect, needing only better 1.310 (BLUE) to spoil all three trading calculations. In plain English, for those with horribly deep pockets, 1.310 is your stop loss level.

Surprisingly, there’s a tighter indicator which will suggest some relativistic strength is present. The pair need recover above 1.280 where we calculate movement toward 1.30 is possible. This creates the situation where even above 1.30 should give early warning it is “probably” not about to drop off a cliff.

For now, we suspect it’s heading to 1.1677, hopefully as bottom. Unfortunately, we do have numbers further down the line.

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
9:50:35PM	BRENT	60.42
9:52:24PM	GOLD	1339.84	1332	1327	1316	1344	1344	1347	1352	1336	‘cess
9:54:09PM	FTSE	7374								7332
9:55:38PM	FRANCE	5393.7								5367	Success
9:58:01PM	GERMANY	12094.66								12072
9:59:55PM	US500	2892.42	2882	2879	2872	2897	2900	2911.5	2927	2886
10:11:09PM	DOW	26142
10:12:37PM	NASDAQ	7538
10:14:53PM	JAPAN	21139

 

17/06/2019 FTSE Closed at 7357 points. Change of 0.16%. Total value traded through LSE was: £ 5,096,653,983 a change of -8.18%