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British Pound May Have Turned a Corner


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#1 Douglas

Douglas

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Posted 17 June 2021 - 08:35 AM

The British Pound may have turned a corner and started a run south based on the blue line below and the commercial trader activity pointed at by the purple arrows.  This year long trend line was broken by the dollar's sudden show of strength courtesy of yesterday's FED conflab.  As the red and green lines on the plot below show, there are numerous lines of possible support for the Pound on its journey down.   Maybe by the time it gets cheap again, Boris will open the place up for visitors from the States so y'all can come across the pond and enjoy our cool summers, warm ale and hot fish-n-chips.  

 

ClCRpo8.png

 

Regards,

Douglas



#2 Douglas

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Posted 18 June 2021 - 07:36 AM

By the way, there's an ETF by INVESCO (FXB) that tracks the Pound that can be traded if you're not into tinkering around in the currency futures market or just planning a UK vacation in the near future. The ETF follows the currency hand in glove as you can see below.

 

puBV1OB.png

 

Regards,

Douglas


Edited by Douglas, 18 June 2021 - 07:37 AM.