GBP/USD towards 1.20, its historic low
The GBP is likely to move towards its all-time low of 1.20 against the US dollar. This short-term movement is clearly correlated with the 4-6 month downtrend of the Euro, the bullish trend of the US dollar and equity markets, and the downtrend of commodities.
Strategy
We are averaging short term from our long-term bearish positions with a market entry.
Expected drop: -7%.
Horizon: 5-6 months, Apr19
Technically
The price is in an <MM70 position; the MM70 is <MM210, and both are about to be bearish together, a very bearish sign on the weekly and monthly chart. The RSI is in a bearish trend at an approximate level of 34 and could go to 24.5.
Strategy
We are averaging short term from our long-term bearish positions with a market entry.
Expected drop: -7%.
Horizon: 5-6 months, Apr19
Technically
The price is in an <MM70 position; the MM70 is <MM210, and both are about to be bearish together, a very bearish sign on the weekly and monthly chart. The RSI is in a bearish trend at an approximate level of 34 and could go to 24.5.
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