Sterling is headed for a test of primary support at $1.53* after completing a double top. Oscillation of 63-day Twiggs Momentum in a similar range to the last year would indicate a ranging market in the longer term — between $1.53 and $1.63.
* Target calculation: 1.58 – ( 1.63 – 1.58 ) = 1.53
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.