Forex : Dollar higher across the board // GBPUSD ………………………………………………………………………………FLASH CRASH THIS MORNING IN ASIA IN CABLE which hits 1,19 and recovers.

GBPUSD  Monthly Long Term Chart:

After Brexit vote GBPUSD prices broke a trendline joining the 3 MAJOR BOTTOMS of last 25 years (1993 , 2001 & 2008) … this is a SIGNIFICANT move .

GBP looks oversold with RSI below 30 … this same level of RSI in 2008 matched with a GBP quote around 1,60 . This did not prevent Cable to fall further to 1,37 a few months after.

Mid and longterm trend are down and short term bounces are likely in the 1,28 – 1,30 area . Only a bounce above the red long term trendline can improve the mood , ie above 1,32 -1,33 area but this does not look to be in the cards at the moment . So watch 1,32-1,33 to be neutral to bullish again.

gbpusd-monthly

Flash crash on GBP this morning : GBPUSD hits 1,19 and is now back jut below 1,25 :

http://www.bloomberg.com/news/articles/2016-10-06/pound-plunges-6-1-percent-in-biggest-drop-since-brexit-result

 

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