“Fools rush in where Angels fear to tread”

“Fools rush in where Angels fear to tread”

Good UK figures this morning push the Cable straight up to my initial key level (1.4050 R1) and it is now more or less sitting on it as if it is waiting to be told to get on with it or get off. If this does go from here I think it could be bound for 1.4275 over the short term.
That said though, let’s not forget the counter party the $ and that could get very interesting later on today.

Euro$ is still mid-range so not turning me on at all and pretty much the same can be said of $Yen and EuroYen.  US Oil is testing a big level this morning at $64.00. If that’s breached I make $66 the next significant level.  Gold is off my radar at the moment.

It’ll probably be a relatively quiet day leading up to the FOMC announcements that start at 18:00 so don’t get suckered in.

You have heard I’m sure – “Fortune favours the Brave”
But you have also heard – “Fools rush in where Angels fear to tread”

Take it easy

Clive

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Categories: Guest Writers, News, Viewpoint

About Author

Clive Arneil

Clive Arneil worked for major brokers for over 20 years trading most instruments in the Foreign Exchange markets as well as Derivatives. Brokered deals on behalf of some of the worlds largest banks including Barclays, Citibank, UBS, Nat West and the Bank of England. Worked mainly in the UK but also in Switzerland, Germany and the U.S. Retired from the Money Market at the age of 40 and worked as a financial data feed specialist supplying market data to Banks, Brokers and Spread-Betting companies. Still trading and teaching people the skills required to master today’s volatile markets.