Welcome back home to the new reincarnation of the Investools FX blog. My name is Michael Atkinson and I am glad to be back with you again! You are in good company, many of our students have rejoined us after a year-long hiatus from blogging. Hello again!
Check out the GBP/JPY and be on guard: the stinker is back up to one of its extremes – resistance this time – and looks frisky! I wrote about the good news for the cable in today’s Daily Commentary on the FX website, but will it be enough fuel to push the pair through resistance and stay there? I’m dubious right now.
Let’s look for a retest of what is not support on this hourly chart, and then a break above the 234.80 area before getting too excited. Even then, remain on your guard. There is still plenty of bad news floating around, a lot of it nailing the Brits because of their exposure to bad mortgages.
