XAUGBP, bearish BAT. take note: point C not perfect ratio; time projection not even reach 38.2...
The fact that we have GBP bullish formations on the Gold/GBP and GBP/USD pair a day ahead of the possible rate cut move clearly indicates an interest rate cut has been priced-in by the markets. Gold/GBP - Head and Shoulder formation GBP/USD - Inverse Head and Shoulder formation
Bank of England kept interest rates unchanged, dashing calls for a rate cut. Sterling is on the rise and of the side effect is a bearish break from the head and shoulder pattern on Gold/GBP or XAU/GBP chart.
Here are the key points for this chart of XAUGBP: - Trend. I find the trend still UP, although it's been losing momentum recently. - Fundamentals: the Gold is strong, while the GBP is weak, in terms of relative strength. The Gold is also relatively oversold for a strong currency, whereas the GBP is well overbought. - Support. The falling price is expected to...
XAUGBP has more potential to go up means more down side risk of USD/GBP
Here's the summary of how I see the current situation in financial markets (as of 14.02.2016, 20:00 CET): The strongest currency: JPY (currently weakened, relatively oversold). The weakest currency: GBP (currently a bit stronger, slowly stepping into the overbought territory). The leading markets: - XAUGBP - trending up; - XAUUSD - trending up; - XAUAUD -...
Short GOLD VS GBP This Wedge has been broken and retested I will short now at 781.57 and aim 740. sl ABOVE 792. Friends, pls take note the pip value is 1.4 times than USD.