Thursday, Jul 19, 2007
Which way currency markets?
Reuters: Charts point to pound at $2.10, maybe after pause
Don't forget 1981 marked a 25 percent slump in sterling from above $2.40 to below $1.90.
Posted by alan @ 04:35 PM (167 views) Add Comment
1 Comment
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1. Stoatgobbler said...
In 20 years of trading currencies professionally I've never met an analyst who could forecast days of the week, let alone prices, with any accuracy better than a coin-toss. The pragmatic (lucrative) approach is to accept that the market is right whatever you might think, and sit on the bus until it gets to the final stop. Of course, spotting the right bus to get on in the first place is very hard indeed!
2.10 in cable would be my guess, although we're starting to get some nervousness about the trend at these levels, so I'm trailing stops relatively closely now.
Bon chance.