#Gold #CAC40 Last reviewed at the start of the year, (link) this pairing has pretty much conformed to our reversal scenario, aside from the little dramatic detail of Covid-19 inspired reversal to 1.15, a drop which lasted longer than a political ‘Firm Commitment’. Oddly, our report last August admitted something quite dramatic for the pairing. We wrote;
“The immediate problem Sterling now faces is an expectation of a “bottom” on the current cycle at 1.1677. ”
It’s easy to wonder if we’re about to inhale an era of aggressive currency movements, countries trying to make themselves and their products “cheaper” to other nations in an effort to restart full trade (and tourism). In conversation today with someone who’d planned inflict the hell of Disney in Florida on their children, apparently traveling abroad is now off the agenda for at least the next year and she intends enjoy the ‘quiet roads and empty beaches’ (her words, not mine) of Cornwall, if allowed to travel during the school holidays.
Presently trading around 1.244, GBPUSD needs slip below Red, presently 1.20, to again cause trouble as we’re now looking at the prospect of coming reversal to an initial 1.152 with secondary, if (when) broken at 1.088. Normally in such a scenario, we’d expect a proper bounce at the 1.08 level, if achieved. Instead, we advise caution as a break below this level will tend to indicate a bottom, hopefully, at 1.059.
The other side of the coin examines the potentials, if Sterling somehow manages to strengthen against the US Dollar. In the event the pair moves above 1.277, we’re looking at recovery to an initial 1.297 with secondary, if bettered, up at 1.337. While there are plenty of visual suggestions hinting at a Glass Ceiling at the 1.337 level, by moving above the longer-term Blue downtrend, Sterling will find itself in a place where travel to 1.479 is allegedly possible.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:04:54PM |
GOLD |
1702.86 |
‘cess |
||||||||
|
10:07:33PM |
BRENT |
28.08 |
25.72 |
24.98 |
23.89 |
26.73 |
28.25 |
29.24 |
31.12 |
26.24 |
|
|
10:12:12PM |
FTSE |
5796 |
|||||||||
|
10:15:42PM |
FRANCE |
4419.5 |
4357 |
4322 |
4260 |
4416 |
4428 |
4436.5 |
4463 |
4371 |
‘cess |
|
10:18:20PM |
GERMANY |
10569 |
|||||||||
|
10:28:58PM |
US500 |
2836.92 |
|||||||||
|
10:33:20PM |
DOW |
23708 |
|||||||||
|
10:36:30PM |
NASDAQ |
8823.24 |
Success |
||||||||
|
10:39:23PM |
JAPAN |
19405 |
‘cess |
4/05/2020 FTSE Closed at 5753 points. Change of -0.17%. Total value traded through LSE was: £ 5,706,354,809 a change of 60.68%
1/05/2020 FTSE Closed at 5763 points. Change of -2.34%. Total value traded through LSE was: £ 3,551,403,027 a change of -92.77%
30/04/2020 FTSE Closed at 5901 points. Change of -3.5%. Total value traded through LSE was: £ 49,092,686,584 a change of 648.68%
29/04/2020 FTSE Closed at 6115 points. Change of 2.64%. Total value traded through LSE was: £ 6,557,213,009 a change of 3.88%
28/04/2020 FTSE Closed at 5958 points. Change of 1.92%. Total value traded through LSE was: £ 6,312,043,698 a change of 37.73%
27/04/2020 FTSE Closed at 5846 points. Change of 1.63%. Total value traded through LSE was: £ 4,582,926,197 a change of -2.06%
24/04/2020 FTSE Closed at 5752 points. Change of -1.27%. Total value traded through LSE was: £ 4,679,159,654 a change of -17.56%