British Pound Waiting for The Scottish Vote, Economic Reports & Levels 9.19.2014
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
For 2014 I would like to wish all of you discipline and patience in your trading!
British Pound waiting for the Scottish Vote for clues on next move
On Thursday, after a 307-year-old union with England and Wales, Scottish voters age sixteen and over will decide in a referendum that will ask the question: Should Scotland be an independent country?
Most opinion polls show more Scots want to remain in the U.K. than leave it, but enough voters are undecided to swing it either way.
The “Better Together” campaign says Scotland should remain part of a larger country that has a greater say in the world and can better withstand financial shocks. Voting “no” to secession would also ensure it keeps the British pound after the U.K. government ruled out sharing the currency with an independent Scotland.
From the technical perspective I did get a possible buy signal ( see the blue diamond in the chart below). My diamond indicators are an output of an extreme overbought/ oversold along with price action that suggests a good counter trend move. In this case we saw an extreme sell off starting July 15th , falling over 11 points, I think if the market can take the 162.65 level , the door is open for a move up to 164.81 and 166.14!
One thing for sure, volatility may be QUITE HIGH and it’s really hard to tell the immediate affect. Make sure you have a solid money management/ risk plan in tact!!
Read the rest of the analysis at:
GOOD TRADING !
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