Nov 142008
 

Just a quick post to record the fact that the Sterling Pound has met its larger objective near 1.4570 last night and bounced sharply. (refer this post that says stay short in sterling for now). It has been a very tough week for most traders and most are licking their wounds. The question many finance managers will ask me when I return to work after the weekend is whether we will get another dip in the Pound to buy! Provided we don’t run away to the upside, we should get a decent move to retest the downside. It is typical of markets to make sure that the bottom is a strong one. We will look at the charts on Monday and determine our next move in the currency markets.

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