Technical Analysis

Big fall today and down for the week The major European indices are ending the week on a sour note with big declines on the day. For the week the indices are also lower. Looking at the provisional closes: German DAX -1.9% France’s CAC -1.5% UK’s FTSE 100 -2.0% Spain’s Ibex -1.9% Italy’s FTSE MIB -1.8% For the week, the indices are
100 day MA getting in the way. The GBPUSD moved lower with the dollar Boeing yesterday and int he process extended below a swing area between 1.3999 and 1.40167 (see red numbered circles).  The pair also move below and upward sloping trendline within that area and down to test (and crack) the rising 100 day moving average (blue line) at 1.39334. The low