Exchange British pound for SA rand,,, yes or no ??!!

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hi everybody I've got some time on my

hands waiting for taking the sit ups to

occur and I thought I should use this

time just to make a little short video

for my fellow South Africans living all

around the globe what I would like to

share with you today is my technical

perspective on the pound versus the

South African Rand now a little bit

about myself I'm a currency trader I've

been operating in this market for about

11 years coming on now and yeah I think

you know I would like to think of myself

you know as having a good understanding

of of charting and what investors are

looking at in terms of investing whether

to sell the south african rand or

whether to to hold on to it or whether

to to do whatever investment decisions

based on the technical perspective of

the currency pair as well as the

political and financial circumstance the

country finds itself in no I do not know

I do not have to mention to you what

currently is going on in South Africa

it's not a very good or doesn't spell

out a very good inviting posture for

investors to to do by the South African

Rand so in this video I'm hoping to

share with you my opinion on where

things are going in terms of the

currency and also hopefully it will get

you an idea in terms of my thinking if

you've got some money and you're

considering sending at home to to enjoy

the big difference in the currency ratio

perhaps this will give you a better idea

whether to hold on a little bit and see

what's going to happen or whether to

sent your money home and enjoy the goods

the goods returns that you will gets in

the exchange rates so basically this is

a weekly charts and what we're seeing

here from basically the February 2013

which is about a little bit more than

two years ago we've enjoyed this huge

increase in strength of the British

pounds against the South African Rand

and it's enjoyed this huge momentum move

up and it's basically reached their

level of run about the 1880 mark and

that's a that was an incredibly good

price you know the last time it's been

this high I believe you know what's Ron

about in 2002 2001 I'm not too sure but

anyway what I want to just bring to your

attention is is from a technical

perspective of what could be happening

with the pound against the South African

Rand so it's basically reached this

level here that I've just so highlighted

to you and it's basically ranged in

between these two levels of 1880 and run

about the 70 40 70 30 mark now this

extended period of sideways range as we

call it is basically an indication of

investors indecision you know they can't

make up the minds whether the South

African Rand is going to get stronger

against the part in which case it's

going to break down on this level or

whether the pound is actually gonna

still gain strength

and compared to the South African Rand

now this range has been coming along

from runabouts

at the beginning of February the end of

January 2014 so this move here is

already the better part of a year and

five months and from a technical


the longer the move is and the more its

testing a level when we do see a

breakout it normally is a violent

breakout because investors would be

positioning opening orders on the other

side of the support line or this

resistance line here and then on the

opposite opposite side they would be

looking to sell if they see a technical

formation if the price had to break

these levels here this is a very very

crucial range that we see in terms of

investments whether the currency is

going to gain strength against South

African around or whether it is gonna

basically reach is its its heights and

then we could see a breakdown however I

am quite a lot more biased towards the

up sites in other words the pound

gaining strength against the South

African man now the reason for saying so

is not only have we seen this this range

here for for the better part of a year

and five months now

but our last retest of this bottom

support line has been quite violently

rejected as you can see and this moved

towards the upper barrier here has been

quite a long dragged out one now that

could in my opinion spell out that

investors are in fact positioning

themselves for a breakout to come now

also take into consideration the current

state of affairs in South Africa with

eczema phobia and everything else is

happening in South Africa it's not

really a ripened environment for

investors to actually start buying the

South African Rand in fact everything

spells out the South African Rand

we'll get weaker against us and against

the British pound now what we also see

is this pullback here it hasn't been

quite strong enough to retest this

bottom barrier here and it's been yet

again also very violent and rejected

over the last week the last two weeks to

reach where it is today today is the

23rd of April and so I just would like

to share my little bit of experience or

my outlook on this because I think there

is quite a lot of South Africans perhaps

that is considering sending the money

home and thinking that South African

could not possibly get any weaker

against the pound now I am slightly

biased like I said stood a certain pound

getting stronger against the South

African Rand and I'm talking from a

technical perspective and also having a

little bit of a background of what

economic and social circumstances

situation is currently in South Africa

now I would like to bring your attention

to this 1880 mark year that price has

been basically fracturing and

fluctuating from my prediction is that

this move is going to continue upwards

and what we might see is obviously there

is going to be quite a bit of indecision

when price reaches this level so I'm

just waiting for this chart alert

I think what we are going to see is

price because it's it's a very strong

move this is price is actually gonna

basically get to our point of 1818 we

might see a little bit of fluctuation

here we might even see price come down a

little bit

they say price will be going up and

testing this level here we might see a

little bit of fluctuation perhaps a

little bit of a pullback back towards

this level here or even our 18 14 18 15

18 20 mark if you will and then I think

price will again try and break through

this level now this is what we need to

watch out for guys I think we need to

watch out and see how price is gonna

behave on this 1880 1870 mark if price

is gonna burst through here based on

what has been happening in the past year

and five months or so normally from a

technical perspective like I said is is

you know if price have been testing a

certain level and a breakout occurs it

normally is quite a violent one now

investors all over the world's

institutions are looking at exactly the

same chart and they're identifying

exactly the same levels as I am doing

here and what they would be doing right

now is they would be opening the putting

limit orders above this resistance level

here so if price had to be breaking

through here that will trigger their Buy

and they will basically invest in the

path thereby the parent versus the South

African dollar and that will be an

accelerator to move towards the 1950

mark and that is what I predict is going

to happen now of course I might be wrong

but from a technical perspective that is

what the chart is telling me so in terms

of sending money home waits for a cup

weeks perhaps a month or two see how the

price is gonna kind of behave when it

reaches again this 1880 mark if it

bursts through than a certain another

time to send money home because what you

might see it might break through and

reach 1950 or even the 2000 or 2020

round per dollar mark which is what you

wants in terms of sending money home if

it doesn't however on the second test of

this line here managed to break through

here what we will then see is a move

towards the downside and that will be

plenty of time they all they'll present

plenty of time for you to send money

home but like I said my prediction is is

it's a lot biased towards the upside for

the pound against their aunt and yeah

that is what I wanted to bring to your

attention it's just you know if you find

it helpful that's great you know if you

don't that's great as well but I think a

lot of people from a technical charting

perspective and from view of

international investment sentiments

toward South Africa will find this this

is useful especially if you've got a bit

of savings in the bank sitting in

England and so you want to enjoy the

huge difference between the South

African Rand and a pound at the moment

so hold on a little bit we are seeing

quite a strong strong and and momentum

move towards the upper side of this

barrier now please keep in mind 1880

1870 and see how price is behaving they

also feel free to subscribe to my

youtube channel arm asked me for an

updates that's great I'll give you my

technical updates and my technical

perspective at the time off the price

and yeah if you can benefit from it why

not thank you very much please also feel

free to share this video I think there's

a lot of South Africans that could

benefit from it thank you