Technical Analysis

10 year benchmark yields ending the session mixed The European major indices are starting the trading week with declines.   Global growth remains a concern.   The provisional closes are showing: German DAX, -0.6% France’s CAC, -0.8% UK’s FTSE, -0.9% Spain’s Ibex, -1.3% Italy’s FTSE MIB, -1.02% Portugal PSI 20, -1.21% In the benchmark 10 year note
Muddies the water for the bulls again…. The GBPUSD is dipping back below the broken 100 day MA at 1.28925, muddying the bullish waters.    The pair moved above the moving average earlier in the week (Monday and Tuesday). Each run higher eventually failed, and the price moved lower (see red shaded areas). Yesterday, the
GBPUSD retraces NY range. EURUSD lags.  The vote came and went and given the resounding defeat, and vote of no-confidence, the price action is a little head scratching.  “The market” can be all knowing and maybe it knows more than I do, but the technicals have turned around. Looking at the hourly chart, the price