Pounded Pound Soups Around
British pounds
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PowerRating) were looking pretty dismal after they plunged to
their lowest level of the year yesterday. Revised GDP figures came in
stronger-than-expected at 2.6% in the United Kingdom and that reduces the odds
of the Bank of England lowering interest rates. The economic news is providing
the fundamental underpinning to a Turtle Soup Plus One Buy
setup playing out in today’s session. The pound gapped open, successfully
tested the low of two days ago (leaving an abandoned baby), and is en route to
testing the higher part of today’s range.Â
Also in the currencies, the
Japanese yen
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PowerRating) is trading on its low of the session in what
appears to be a test of its momentum bar and gap from two days ago.Â
Cotton
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PowerRating)Â is
trading at a 15-year low and continuing to make good on its Implosion-5 List
and
New 10-Day Low readings. Out of its most recent descending triangle, cotton
has almost achieved its measured-move objective at 40.00.
Natural gas
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PowerRating)
futures have also almost completed a measured move out of their big-picture
overhead descending triangle that had been forming since January. Nat gas is
down on rising inventories and mild weather that is tempering demand.