$British Pound - main 2212(GBPmain)$gbpusd has bounced off its historic low made in 1984. historically, the ftse100 is a leading indicator of the us market. so let's take a look at $S&P 500(.SPX)$ (blue line) compared against ftse100 in orange line. you can observe that ftse100 starts to crash or weaken before spx crashed. the light green line is the lower highs made by ftse100.
ftse100 (pnf) compared with gbpusd (purple line) shows that gbp has to rebound first in order for ftse100 to recover.
ftse100 has just bounced off a support at 6900 region. it has bounced off this resistance zone for a couple of times already.
if gbpusd can make a new high, then it is confirmation that ftse100 will rally and thus spx will rally.
bon courage
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments