Maybe but it is not dead yet!
Although my own hourly chart did also turn back from neutral to negative about 7 hrs back, it is still behaving very neutrally and the daily chart is still trying to look positive.
The interesting thing is that the Daily pivot line, which I treat as a kind of directional fulcrum, has been entirely flat for two days - that is really quite rare!
It is a really frustrating market this week and not just with this particular pair.
My general “feeling” on this is that the GBP is still potential waiting for an excuse to burst higher but is not given any fuel to do so and it is just drifting aimlessly with the currents in the meantime.
I read this morning that the EU has requested the UK to give them some viable options to consider and that they are prepared to work non-stop over the weekend to study them and try and reach a solution - - - and I thought, if that is the case, what on earth have both sides been doing for the last week!!! This is such a pathetic situation over such an important issue that has now been going on for 2 years already, and now they may still want more time…
I have kind of given up with GBP issues until something is sorted here. There are other fish in the sea which are swimming in a much clearer direction (and it is not oil this time! !
I won’t generally post charts on your thread but I thought I might add this one, if that is ok purely to illustrate what I have been watching in this rather exceptional and drawn-out scenario.
This is my hourly chart and this downward drift seemed to start last Friday in that blue circle when my short-tern band turned pale blue. I had sold it on Mon as I mentioned somewhere earlier in that red circle but closed out prematurely with only a small profit.
That red rectangle shows where it turned neutral. The short term band tuerned up and yellow but was still engulfed by that grey shadow which is a proxy for the 4-hour chart - which was why I couldn’t join the trade!
Now it has turned down again and, in theory, the vulnerability is, in the near term, on the downside…