Quilter: Staring into the Abyss or False Breakdown?
Quilter is in an interesting place, price action has reached the pointy end of a symmetrical triangle. Watching to see how this plays out, odds lean towards a bearish scenario & this would be cemented if price goes below R18.51. The 200DMA & 30DMA are also converging with the upper resistance, usually price finds it hard to break through double resistance, we have triple in this scenaro.
If one puts the chart of the GBPUSD on the same chart, you can see Quilter closely correlates with moves on that chart, given that we expect USD to be in expansive mood, we can add that evidence to a bearish scenario, as GBP weakens, Quilter will follow. We must remain watchful of false move in the opposite direction to throw off bears.
If one puts the chart of the GBPUSD on the same chart, you can see Quilter closely correlates with moves on that chart, given that we expect USD to be in expansive mood, we can add that evidence to a bearish scenario, as GBP weakens, Quilter will follow. We must remain watchful of false move in the opposite direction to throw off bears.
Trade closed manually
