Poor Economic News Leads to GBP Breakout
Good Morning,
Well, the fundamentals stink. But, hey, that is a positive for the equity market! Claims are close to 400k and the Philly Fed was negative (again) with the employment component suffering yet again.
But, technically, we have a breakout! The GBP/USD is above resistance:
Past performance is not indicative of future results
Check out how old resistance became new support on the daily candle. Just to compare the GBP region to the EUR region, let's look at the EUR/USD where there definitely wasn't a breakout:
Past performance is not indicative of future results
Technically, the SPX is at resistance. Will more bad news get us above it? Will any piece of good news get us above the 1375 resistance area? Does that mean the USD/CAD is oversold?
I posted a USO chart yesterday. It is a lot higher today. Time to use your Fibonacci's to look for areas that are overbought?
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
