There is fundamental news over the next week on the GBP as the UK tries to negotiate a better package with its membership of Europe, which will result in an in/out referendum.
The markets don’t like uncertainty so there will be many fabulous opportunities to trade the GBP FX Pairs.
All are exhibiting a downtrend and the magenta arrow on the daily Fatman shows there is still some way to go.
All are at critical support levels and this coming week will show if this support holds.
The cyan arrow on the Fatman shows oversold. But with the daily Fatman still in downtrend the weekly could stay down here for some time.
How To Trade
Go and look at the lower time frames i.e. 30 minutes, and only take shorts.
Regardless of production cuts, or what is said at the next OPEC meeting, crude oil is still in a strong downtrend.
You can see whatever positive news props the market up for a day or two is quickly met with sellers.
The market has not had more than three positive days in a row in well over a year.
Rallies should be viewed as selling opportunities.
When a market has been in a downtrend for this long it is not going to turn around quickly.
It is going to take much more than one country cutting production to put a bottom in crude.
We demonstrate this and many other methods in our live demonstration room held every Wednesday, and this is open to everyone. Click this link for more information or to join us in class.
[The cyan and magenta arrows are for illustration only and do not form part of the software]