21 February 2013

GBP/USD : Weekly Periscope

  • Sea change. Happening faster than my wildest expectations.
  • In addition to the oft mentioned triangle, weekly chart now has a reverse periscope candle, punching below significant 1.5232 support with little effort. Now at 1.5146.
  • Forget EUR/GBP. Unwound more EUR/USD (1.3286, 1.3266, 1.3248) to leave a bigger naked short GBP/USD.
  • This is the big kahuna. Go for it. 1.4228 beckons.