I have been using this GBP basket made up of the NZD,AUD,USD,EUR and JPY to guide my trades with the GBP this year. It has been very successful, it does mean I have to take 5 trades every time which needs a bit of careful risk management. Stops are also difficult so I tend to trade without stops and look to make a decision at the end of day.
The basket has now come up against the all time low from 2012 and it has developed into a flat bottomed triangle, MACD has just crossed negative and RSI is trending lower but not yet oversold. A break here could develop into a meaningful move lower.
The basket has now come up against the all time low from 2012 and it has developed into a flat bottomed triangle, MACD has just crossed negative and RSI is trending lower but not yet oversold. A break here could develop into a meaningful move lower.