why is the gbp/usd falling on the back of weak employment data from the US?
It’s been looking that way for awhile on the charts… continued failing at 199.30 I also read that BE (I think it was BE) was selling into the market and something about a “Mistake Trade”? in the whee hours here in the US…
The trend is your friend,
Techs have been predicting it for a couple days now …
All IMO of course well C what the Pundits say about it…
I also noticed that at precisely 7:30 AM this morning on the five min charts it looks like automated selling occurred or panic selling or both�.maybe they were looking for the unemployment to be at or above 5%???
Is kinda wild, isn’t it…
Would like to think it is because of the Double bottom that might have formed on the usdx around 75, and now the dollar will be making its rise against all pairs.
But I know that most likely isn’t the case…
;o)
Kangi
As I mentioned in another thread I had been looking at the pound to fall for the past several days. (I write this as many of you are obviously in the know so am sharing my thoughts for critiquing purposes)
The Pound would go to 199.40 fail then fail again then fail again�eve time staying within R1 and looking like it wanted to fall but we kept getting $ negative news which kept the bulls in place. Finally the combination little bad news UK little good news US and a tired bounce began retracing back to the bearish pattern it has been trading in for the last several months�
Those are my thoughts, now to go back test everything and make sure it wasn�t or doesn�t appear to be �just good luck�
J.