Oct

12

 Watching (and trading) GBPUSD today brings up a few interesting oberservations. As cloudy skies enveloped Tokyo and the Nikkei started to get hosed, S&P futures fell easily to carve through the bid. Gold struggling, Crude off ok, specie longs on the QE train booking. Will it turn the USD position?

GBPUSD…bid early… easing easing, bang, through 158.60, and straight to 1.5790 …stops …trendline break…not sure but Europe had been in for 3 hrs, and had good time to look at day's Asian events before acceleration took hold.

Who knows whether technicals are worthy, or if it's just a momentum play, and a flip of the coin…but the break on the day seemed long overdue.

Bill Egan writes:

Gold and dollar even more extended now in model space with values consistent with a reversal; by analogy a couple of springs pulled too far…looking forward to seeing whether this will be a mild pause or rush back. 


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