Great run since July for the GBP, mainly on huge dollar weakening (bringing up nearly everything - gold, eur.usd, oil etc etc) of course for monetary reasons, risk-on reasons, and huge amounts of covid raging in the US, have been the main contributes.
Looking at technical, I think its been a hell of run, back to pre Covid-shock levels (right around 1.31+ - Fibonnaci level here as well) , so just a basic question here- are we back to normal? is the British economy out of the woods? I definitely think not, more pain to come, second waves, less growth, more need for monetary intervention (negative rates?) etc etc.
More technical- RSI showing overbought territory, looking at volume levels - we can see just as happened in the recent pass, after lower volumes of buying slowly making downwards steps, shows the hype is coming to a point where a very much needed correction in price is needed. How much? not clear just yet, probably needs to come back into the uptrend range as shown - so could be into the 1.29 level to retest.
Looking at technical, I think its been a hell of run, back to pre Covid-shock levels (right around 1.31+ - Fibonnaci level here as well) , so just a basic question here- are we back to normal? is the British economy out of the woods? I definitely think not, more pain to come, second waves, less growth, more need for monetary intervention (negative rates?) etc etc.
More technical- RSI showing overbought territory, looking at volume levels - we can see just as happened in the recent pass, after lower volumes of buying slowly making downwards steps, shows the hype is coming to a point where a very much needed correction in price is needed. How much? not clear just yet, probably needs to come back into the uptrend range as shown - so could be into the 1.29 level to retest.