Trouble Across the Pond
- Posted by Greg Harmon
- on February 22nd, 2013
Who is the big loser in the currency wars? Well at this point it appears to be jolly old England. Using the Currency Shares British Pound Sterling Trust, $FXB, it is deathly obvious. Look at the daily chart below. It broke below the long descending wedge Wednesday and gapped below the
previous low from June. The target on the break lower takes it to about 149. Not much further thankfully for our BFF’s and world beating allies. Oh, until you take a look at the monthly chart. This view suggests that the damage is just getting started. Time to call in Daniel Craig or maybe host
the Olympics again. The break out of the symmetrical triangle lower carries a target of 120. That is a long way down. Maybe it is time for Kate to pose in Playboy for the good of the Country. Ok, I guess that went a little to far.
Join the Dragonfly Capital Views Premium Membership
Sign up here to get deeper analysis and nearly 50 trade ideas every week.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
Dragonfly Capital Updates
- Drew’s Tips – Hollow Red Candle
- A Lead for an Earnings Trade in Salesforce.com
- Premium Earnings 5-23-13
- Could Be A Good Spot For a Pullback
- Don’t Forget the Euro, It Gets Jealous!
- Premium Earnings 5-22-13
- The Coffee is Still Percolating
- ♫ McDonald’s is My Kind of Place … ♫
- Premium Earnings 5-21-13
- Checking the Gold to Oil Ratio