1% Interest rate !

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EURGBP : Day Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = Flat

The much predicted lowering of the UK interest rate to 1% had the largest bar of the day on the 60min chart and price never recovered from it ending into a transitional consolidates phase, now walking the tightrope of a drawn support trend line. A 150 pip of opportunity.

Remember of old after having a large move/candle in one direction, we get a counter action in the other direction.

With the long term trend up, I would suggest the current BOB to be a false signal (Time will tell) and price moving to the upside.

This could be confirmed with the convergence on the MACD since a previous low.

Stochastic s are in the OS area and a turn up with the crossing of the 20 line would be a further confluence.

Remember NF figures are out later today, if in a trade manage your stops at the appropriate time and do your own analysis before entering the trade.

Have a great week end and speak to you all on Sunday
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst