Bovespa, Sensex & Cable
Sterlings failure to breach above the $1.6730 right shoulder in the H&S formation following the unexpected decline in Q3 GDP should help call up $1.63 and $1.6210. GBP could especially lose more ground in the event of upcoming risk aversion as equities near key technical levels. While the S&P500 is nearing the 50% retracement of the decline from its all time high to March lows; emerging market indices such as Brazils Bovespa and Indias Sensex are struggling (see charts below). WATCH A POTENTIAL DOJI CANDLE in the WEEKLY BOVESPA and ENGULFING BEARISH CANDLE in the SENSEX. Any prolonged retreat in these indices would cause a drying up of liquidity from emerging markets to the benefit of the USD (at expense of GBP).
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