 Hello and welcome to the chart of the week video with me, David Madden. Today's date is Thursday, the 5th of September, 2019, and the time has just gone, 11.50 British summer time. And this week's chart of the week is the British pound versus the US dollar or cable, as it's known in market-sland terminology. So obviously it's been an extremely busy week and hectic week, an odd week for British politics, but stripping out all the political noise and all the headlines and all the chaos, and just looking at the price action alone. We have seen some quite massive substantial moves. We've seen early this week, we saw a major move to the downside in the British pound and in the past, say 48 hours, a nice size would push higher in the British pound. And if you take a look at the price action in the last couple of days, particularly this day here, last Tuesday, a couple of days ago, we saw the pound pierce the kind of 120 level. I went all the way back, so 120 and went down to, I'll tell you exactly where you want to call the loads, in around kind of one spot, 1985, there they're about, and depends which kind of headlines you read. Some will say that it was the lowest that the pound has been versus the US dollar since the mid-1980s. And if you take a look at that level on this chart here, we can see that that was a fairly significant level for support. And as you can see, the market has rebounded from there. So it seems that there is fairly decent support in around the kind of, let's say, one spot, 1985 up to around one spot, 1990, one spot, 20, that entire kind of zone seems to be a very significant area of support. This area I'm talking about just around here. But if you look at the price action in the last few days, this candle here, the daily candle on Tuesday, the 3rd of September has the potential to be a hammer, whereby we see the market is pushing lower at the very big, the market was driving lower. You can see here by the candlestick that the market essentially opened, essentially on the previous days, closed. In the early part of the trading, moved aggressive to the downside. That's the move we're talking about, sub 120, back to levels not seen for a few decades. But then there was a sharp move in the rest of the day to the upside. It snapped back. And it didn't close at the high of the day, but it was too far away from it here. And it's comfortably above the open. And yesterday and today we have some continuation push higher in the British pound versus the US dollar. So this candle here has the potential to be a hammer. We can see here that we're now at levels, to be honest, not seen since late July, which is pretty significant considering, if you look at all the headlines, you would think politics in the UK is probably at its worst level, worst kind of level in living memory. But we have seen a pretty significant bounce back. And if you look at it, if you can hold above this area here, if you can close above this area here in one spot 2309, which would have been the highs of late August, if you could hold above that, we could look at heading up towards this area here in around the one spot 24 region. And if we go beyond that, we could look at targeting up around this zone here in around 126. We can see a few occasions south of 126 acted as support on a few occasions. It also acted in around the 125 area region also acted as resistance that the market was pushing lower throughout July. Now, this is what we're seeing on the British pound versus the US dollar. Let's take a look at different currency pairs to kind of see how things are going, how the British pound is doing against other currency pairs and see if they could have moved being confirmed in other markets. So we're now looking at the euro sterling, euro versus the British pound. And what we see, we can see a steady move to the downside and the euro versus the British pound. So euro sterling is falling, therefore, the pound is getting stronger. So we've seen the euro versus the British pound break below a fairly significant level here, 90, kind of big psychological number. But also you can see on a few occasions that the 90 metric acted at resistance on a few occasions on the way up. So and now we could have seemed to have broken below that. So we're now at levels on euro sterling, that seems to be July. So kind of in a way is similar to what we're seeing in the British pound versus the US dollar. So we're seeing strength in the British pound across the board. It's gaining against the US dollar and it's certainly gaining against the euro here. So what we can do to deduct from the move in euro sterling is that this sterling positivity is across the board. If though, you know, the market does manage to can run on a steam and it does manage to turn over the south yet again, we could be looking any back down towards 122. And then if you go below that, we could be looking any back down towards the recent lows, sub 120 in around some of the region of in around one spot 1960 thereabouts. And then if you go below that, we could be looking any back down towards one spot 19. Now if you are trading the British pound versus the US dollar, please be aware that later today we have the US ADP employment numbers out at 1315 British summer time, 1330 British summer time, we have the jobless claims from the US and tomorrow 1330 British summer time, we have the all important US non farm payroll support. In fact, my colleague Michael Houston is actually hosting a webinar on the event tomorrow, which kicks off at 1315 British summer time. You can sign up for our website. If you go to CMCMarkets.com and under insights webinars and events, you will find this page. That's all for me this week on relation to the video of the week. If you have any comments to make on this video or any of the other videos we've made here at CMC Markets, please feel free to leave review reviews. Thank you very much.