GBPUSD 60 minute... Mr. Penguin Waits again...
I simultaneously posted a weekly chart on GBPUSD. Here I went to a 4 hour and 60 minute chart. There are some factors at play here. It looks like the market for GBPUSD will rally again, but this time it could be a trap. Instead, I prefer to wait with Mr. Penguin for a move down that lines up with my fundamental predictions for this week. I don't want to call bottoms and tops.
Here I post exactly what I wrote for the weekly chart of my GBPUSD analysis:
"Not only is GBPUSD back in March 2010, but trendline resistance on a daily and 4 hour chart. It is also facing some bearish hidden divergence. Of course, this negativeness could all end on March 9, 2016 if the very catalyst that I am counting on fails to fall in line; that is, UK's Manufacturing Production m/m (gyazo.com/82c69f0895...6a1b7a130521ffed481d).
Not only is UK's PMI Manufacturing down: www.tradingeconomics...om/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: www.tradingeconomics...ndustrial-production
The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!"
Here I post exactly what I wrote for the weekly chart of my GBPUSD analysis:
"Not only is GBPUSD back in March 2010, but trendline resistance on a daily and 4 hour chart. It is also facing some bearish hidden divergence. Of course, this negativeness could all end on March 9, 2016 if the very catalyst that I am counting on fails to fall in line; that is, UK's Manufacturing Production m/m (gyazo.com/82c69f0895...6a1b7a130521ffed481d).
Not only is UK's PMI Manufacturing down: www.tradingeconomics...om/manufacturing-pmi
I am also hoping that tomorrow's industrial production will also NOT be too positive like the last time: www.tradingeconomics...ndustrial-production
The chart reflect these fundamentals clearly on a weekly chart. It just needs to start making lower lows on smaller time frames and we are all set. I am not going to guess the top because I am not a hero or a superstar, but if my analysis is right, then I, indeed, will live up to the name "Rocketman"! hahaha!"
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
Technical ping pong says that we are still at resistance: gyazo.com/06ec40dded...a21324ca9a7590f130cc
One thing that comes to mind from other sources is that sterling was, indeed, weak last month. So, now I see, it makes sense that IP this month would be good ( if prices are low for a currency, then that would drive more orders); however, that doesn't change the PMI. It is still bad, so, I think the PMI Manufacturer a stronger sign for the Trade Balance on Friday. I don't throw the IP completely out the window though. This time the experts and I agree that the trade balance will be worse off than before. There is no catalyst driving the GBPUSD higher. It is just that today's catalyst did not drive it lower. This is what I was expecting and it did not happen.
So, I wait again, patiently. Hopefully, the chart can still make that new low I was hoping for. When and if it does....when can load up to start shorting GBPJPY and GBPUSD:
GBPJPY chart on a one hour chart: