the dollar is at an all time low from what i can gather...
i think it would make sense to hold a dollar position and transfer it back into sterling for a profit.
can the usd dollar get much weaker against the pound?
would this be risky??????
any views anyone?
The £ is definitely getting stronger and, from a variety of patterns on weekly daily and hourly charts, it would suggest a further advance to the 1.72 area pending new buying and not just stop orders being triggered at this level will also determine any follow through
The weekly chart show illustrates how the volatility is making the swings quite large and it is not having any problems making a 10cent swing atm.
You can see a clear divergence in RSI and i suspect if there is no new buying upto the 1.72 level (if it gets there) determine a turn and the hopefully see the completion of this pattern