John J Hardy
Saxo Bank's head of forex strategy John Hardy expects the pound to trade lower. He says the UK economy has been hit with a big dose of uncertainty. Hardy says that the Bank of England will conduct quantitative easing, but he thinks the pound could make a quick rebound if the focus of the central bank and government is put on fiscal stimulus rather than rates cuts. In the short term, Hardy believes the GBPUSD is looking lower, but in the long term he thinks EURGBP and GBPCHF are turnaround candidates with regards to sterling strength.
Day trade
Trade view / 09 August 2016 at 6:07 GMT

Lower highs, daily bear trend dominate GBPCHF sentiment

partner and technical analyst / 3 c analysis
United Kingdom

Against a background of bearish signals on the week, Monday’s activity was trendless as sentiment traded sideways inside a small 67 pip range for an unchanged close. While rallies are attracting sellers at a daily down trend, bears are cautious with prices near 1½ year lows.

However, lower weekly highs and a daily bear trend are dominating sentiment and signals continue to point lower.

Management and risk description

Allow room to buy dip and lower stop to entry if the first target is met.


Entry: Market and 1.2813, today's open in Asia.

Stop: 1.2868, Thursday's Marabuzo line.

Target:  1.2649, the 4 week low and 1.2516, July's base.

Time horizon: Today only.

GBPCHF Weekly - recovery to losses

GBPCHF Quarterly - Rally stalls

Charts:  CQG. Create your own charts with SaxoTrader; click here to learn more.

For more on forex, click here.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
09 August
andywielkiszu andywielkiszu
it looks like sell on rallies, not buy on dips :)
09 August
Steve Lucas Steve Lucas
yes sir misprint
09 August
Steve Lucas Steve Lucas
should say allow room to sell rally apologies
09 August
andywielkiszu andywielkiszu
thx Steve!
09 August
Steve Lucas Steve Lucas
Update - take some profit and lower stop to entry


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