What Happen On Friday:
As aspected on friday :
Candle open below pivot and drop but fail to break S1 at 1.4186 and performed spining top candle for reverse signal. After that candle break Mr. Pivot and goes further up to break R1 at 1.4358 and break 1.4508 Level but close at 1.4493 price - below the 1.4500 level.
Let look at the H4 chart and candle end at close high patern and already break top of BB line. It supposed to go back inside the BB area but stop outside the BB area.
Looks at the RSI 7 - already get flat patern and no sign that the RSI have enought strange to goes up. But ATR happen to goes down and Marker Switcher is already on Maximum strange.
I aspects next week start on Monday, the candle will move to enter back the BB area and may performed down candle to find Mr. Pivot at the first place. My reason is:
1. Candle Close on High Close Patern - as usual must perform down candle on next move. So do candle on weekly chart - just see ok.
2. Candle already outside BB - as usual must get in the the BB cage and will definately find Mr. Pivot again or middle line.
3. On daily chart - candle already met middle of BB and was block by upper channel line.
4. RSI 7 already on over bought area and in weak strange - must drop back.
5. Candle fail to break the R2 area and close below 1.4500 area. As usual will drop back to find Mr. Pivot again to test last support at 1.4109 area.
If all this happen and candle brake on monday Pivot point, the candle will try to break last week low at 1.3541 level. Until then let see this happen or not. If not happen the candle will try to break 1.4600 area. I've repeated if this not happen the candle will find further up to 1.4600 area.
PLEASE DONT BELIVE ME. Good luck to you and happy holiday for all FT worker.
ALLAH HU. SAVE PALESTINE MEAN SAVE THE MUSLIM WORLD FOR ALLAH.
This is only my predictions and please don't belive me. Let see what will happen next week.
STATEMENT FROM DAILYFX:
British Pound Outlook Hinges on BOE Rate Decision, Policy Statement
Fundamental Outlook for British Pound: Bearish
- GfK consumer confidence tumbled to a 6-month low, savings intentions plunged to record low
- British pound benefited from surprise rise in UK mortgage approvals, Barclays news
- BOE MPC Member Blanchflower issues dovish comments, says BOE should cut rates “further and quickly”
The British pound was the strongest of all the majors last week, as the currency trades in a highly speculative manner and attempts to recoup the massive losses accumulated between October 2008 and January 2009. However, with both Credit Suisse overnight index swaps and a Bloomberg News poll reflecting expectations that the Bank of England will cut rates by another 50 basis points at 7:00 ET on Thursday to a new record low of 1 percent, it’s worth wondering how far this British pound rally can extend.
There are few doubts that the BOE will at least consider slashing rates again since the UK remains in a deep recession and officials anticipate that things will only get worse. In fact, BOE Monetary Policy Committee Member David Blanchflower, who is easily the most outspoken and dovish member on the Committee, said on January 29 that the UK economy may face a recession worse than that of the one in the 1980’s and that the Bank Rate needs to be cut “further and quickly.” Furthermore, he said that the MPC has considered their options in the case that the Bank Rate is cut to zero, which was quite timely comment when you consider that Chancellor of the Exchequer Alistair Darling gave the BOE permission today to buy 50 billion pounds worth of bond and commercial paper in order to alleviate tight credit conditions. Overall, this leaves the odds in favor of year another rate cut by the BOE on February 5, but the reaction of the British pound may depend on what sort of bias is reflected in the Monetary Policy Committee’s subsequent statement. As we saw with the reaction of GBP/USD to the BOE’s last rate cut, rallies in the pair are possible if the MPC leaves no indications that they will cut rates further. On the other hand, suggestions that the markets are correct to price in additional reductions could send the British pound the way of the New Zealand dollar following the RBNZ’s rate decision on January 28: down. – TB
ps - This is for Educations Purpose Only for me and to all my friends. I'm not responsible on all my preditions and if you choose to follow me it up to you. Your money is your responsible not me. All the relevan indicator I've used from my experienced trading in 3 years and on all my forex courses that I've attended. Few people enquiry that I used thier Indicator for my forex clases. It up to you to think it man, I've paid all the relevan fees and the knowledge is mine after I attended your courses. Most of them are from my reading sources that I've got it from the Internet. Allah Hu.
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