Bullish on British Pound.
Source: http://stockweb.blogspot.com/2009/05/bullish-on-british-pound.htmlPosted on Tuesday, May 12th, 2009 | In Market Commentary, Stocks to Watch, United Kingdom
Contributed by: Vlada Kynsky (http://stockweb.blogspot.com/) -
Have a look to the picture above. It is 12 years chart of currency pair EUR/GBP. You can see that the worst recession in UK history since Second World War sent British Pound to 0.97 against EUR.
But with the signs of bottoming currency pair is traded now around 0.90 with declining triangle pattern. If support level for EUR (0.88) will be crossed the pair is heading to support range 0.80-0.77.
Another stop would be 0.72.
Bullish signs for Pound based on technical recovery. On the other hand any downside correction for equities will push Pound lower.
Last 5 posts by Vlada Kynsky
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 About Vlada Kynsky (http://stockweb.blogspot.com/)
Vlada Kynsky studied economics and gained work experience as SAP analyst in information technology. His origin is in Czech Republic but due to different work assignments lived in many European countries. He explores mainly emerging markets. In his research he focuses on ETF and international stocks. Another area of interest are technology stocks. |
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