...I think it is probably easier to make a technical case for continued upside next week, than a fundamental one, as of now.
Friday's close saw a long lower wicked mthly close from o/s oscillator readings, a bullish hammer piercing pattern on the wkly from o/s osc reads, and dly oscillators turning up from extreme o/s, these following a strong bounce up from the 1.0327 lo. Fundamentally, nothing much has changed, Boe still propping up the long-dated maturities in gilt market to the tune of £5B/day for 13 days apparently, and Friday's U.s Core Pce data likely did nothing to persuade the Fed to alter whatever it is going to do next. The Russia/Ukraine thing maybe getting worse not better in light of developments this last week. There are probably just too many moving parts re fundie analysis right now, and the prevailing atmosphere although calmed a bit, is still fairly febrile. The big fundie variable which may affect price is probably whether the Uk's Boe's Mpc can really hold out till its next meeting, scheduled for November, before raising rates, or whether the markets will cause them to do it sooner?
Friday's close saw a long lower wicked mthly close from o/s oscillator readings, a bullish hammer piercing pattern on the wkly from o/s osc reads, and dly oscillators turning up from extreme o/s, these following a strong bounce up from the 1.0327 lo. Fundamentally, nothing much has changed, Boe still propping up the long-dated maturities in gilt market to the tune of £5B/day for 13 days apparently, and Friday's U.s Core Pce data likely did nothing to persuade the Fed to alter whatever it is going to do next. The Russia/Ukraine thing maybe getting worse not better in light of developments this last week. There are probably just too many moving parts re fundie analysis right now, and the prevailing atmosphere although calmed a bit, is still fairly febrile. The big fundie variable which may affect price is probably whether the Uk's Boe's Mpc can really hold out till its next meeting, scheduled for November, before raising rates, or whether the markets will cause them to do it sooner?
Intraday swing trader @ 30min+ supp/res, & 5min+ sbr/rbs, via 1min+ set-ups
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