Implications and Outlook
1. British Pound tumbled on Thursday following the BOE (Bank of England) lift interest rates by 0.25 percent to the post-financial crisis high. The Pound lost over 1 percent mostly in afternoon trading session.
As a result, in spite of an initial currency rally, the Sterling plummeted right after falling back towards Trade Selector Signal Key Support of 1.30070 projected on July 28 "I also see that the 1.30070 Key Support level directly below is to keep the currency afloat" - Look surprised!
2. The Sterling after completing Stage 1, Stage 2, and now Stage 3 has moved bit lower toying with Currency Dip zone 1.29500, closing price beneath could signify a violation of significant lower price level and will send this currency much deeper, most likely unwinding towards the 1.28100 outer Currency Dip.
3. On the contrary, staying afloat above Key Support 1.30070 will undoubtedly bring serious of the intermediate-term bullish implications targeting outer Key Resistance 1.31390. BTW, GBP/USD retail investor/trader data reveals that slightly over 70 percent of investors/traders are net-long along with the ratio of investors/traders long-to-short at 2.37 to 1.
4. Current Currency Strategy Bias: Bullish 60 / Bearish 40
1. British Pound tumbled on Thursday following the BOE (Bank of England) lift interest rates by 0.25 percent to the post-financial crisis high. The Pound lost over 1 percent mostly in afternoon trading session.
As a result, in spite of an initial currency rally, the Sterling plummeted right after falling back towards Trade Selector Signal Key Support of 1.30070 projected on July 28 "I also see that the 1.30070 Key Support level directly below is to keep the currency afloat" - Look surprised!
2. The Sterling after completing Stage 1, Stage 2, and now Stage 3 has moved bit lower toying with Currency Dip zone 1.29500, closing price beneath could signify a violation of significant lower price level and will send this currency much deeper, most likely unwinding towards the 1.28100 outer Currency Dip.
3. On the contrary, staying afloat above Key Support 1.30070 will undoubtedly bring serious of the intermediate-term bullish implications targeting outer Key Resistance 1.31390. BTW, GBP/USD retail investor/trader data reveals that slightly over 70 percent of investors/traders are net-long along with the ratio of investors/traders long-to-short at 2.37 to 1.
4. Current Currency Strategy Bias: Bullish 60 / Bearish 40