Pound Sterling at important juncture

2

March 2021

By

Alex Cole

The Pound Sterling vs the dollar has seen a strong run since November of last year, rallying roughly 12%.  Are Brexit worries finally calming down and are people happy with the British coronavirus vaccine rollout?
We are however, at an important point for cable.  After falling away from a high over 1.42, GoNoGo Trend is painting paler aqua bars and the GoNoGo Oscillator has fallen to the zero line.  If the British pound is to continue to strengthen versus the dollar, then the GoNoGo Oscillator will need to find support at the zero line and bounce back into positive territory. If it drops below zero, then it is possible that it will give up more of its recent gains.