What’s next for “Britcoin” and its European counterpart?

The pound vs The euro

Such is our bewilderment about bitcoin, it inspired us to use Brit-Coin to describe another currency which makes little sense. The term “bitcoin” is now used in-house to describe price movements designed to provoke utter confusion!

Sterling against the euro is once again looking pretty messy and it looks like weakness now below €1.117 should provoke a slide down toward €1.097 next. While not sounding terribly alarming, this aspiration meets the uptrend since 2007 and hopefully – if achieved – will cause a bounce as this implications below €1.097 are not entirely great.

In the event such a level breaks, we are looking at €1.079 and essentially blind hope the currency pairing shall be regarded as simply matching prior lows of 2016 and 2017. While this ambition makes some visual sense, we do worry at the risk of moves below the ruling uptrend as it moves the pairing into, once again, parity territory for the longer term.

To escape the current testament to the competence of our ruling class, GBP EUR requires better €1.14 to escape this doom, taking the relationship into a region where €1.17 is believable initially with secondary, when bettered, at €1.21.

For now, we’ve little faith in miracles coming and tend suspect €1.097 is destined to make a guest appearance.

Source: Trends and Targets      Past performance is not a guide to future performance

Alistair Strang has led high-profile and “top secret” software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know “how it worked” with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.

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