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.
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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)
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