Pound Versus Dollar and Hong Kong Dollar January 17th

FX Strategy Video > Currency Pairs Analysis

GBP/USD had a small gap, but managed to rise over the session on Monday. The resulting candle is a shooting star-like one, and shows that the pressure is starting to build on this pair. The 1.53 level just below is a massive spot as it is the neckline on a larger head and shoulders pattern. Because of this, we sell this pair only.

GBP/HKD isn't a pair that you look at very often. However, the Hong Kong Dollar is pegged (in a range) against the US  Dollar, and as a result it is interesting to see underlying strength or weakness. The GBP/HKD has already broken below the support level in that pair - perhaps a sign of things to come in the cable mentioned above.

Published on 16th of January 2012
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