This is open to discussion, open to opinon, I am still learning, so obvioulsy this is not solid, just my TA.
Here is what I think could play out, I am no expert in the space but constantly learning. This "prediction" is based on a copy of what happened in March 2020, I have taken that drop and copied over the recovery using the Bars Pattern.
Obvioulsy it has been very bearish, but the drop to 1.03, it has not been that price since 1985, so I would expect a big bounce of that, so using Bars Pattern, maybe this is how the market could move, as you can see it comes up perfectly into a major area of supply around the 1.31, the RSI on the Monthly is oversold with plenty of scope to the upside.
TA to one side, from an FA point of view, the UK is in big trouble, the economy struggling after Brexit, Covid and our part they play assisting the Ukraine, interest rates going up. This is a conflicting view to the TA, so, what will happen? Is this just a pull back before continuing to the downside?
I would like to know your thoughts.
Here is what I think could play out, I am no expert in the space but constantly learning. This "prediction" is based on a copy of what happened in March 2020, I have taken that drop and copied over the recovery using the Bars Pattern.
Obvioulsy it has been very bearish, but the drop to 1.03, it has not been that price since 1985, so I would expect a big bounce of that, so using Bars Pattern, maybe this is how the market could move, as you can see it comes up perfectly into a major area of supply around the 1.31, the RSI on the Monthly is oversold with plenty of scope to the upside.
TA to one side, from an FA point of view, the UK is in big trouble, the economy struggling after Brexit, Covid and our part they play assisting the Ukraine, interest rates going up. This is a conflicting view to the TA, so, what will happen? Is this just a pull back before continuing to the downside?
I would like to know your thoughts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.