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Possible Top in British Pound
By DailyFX Updates | January 30, 2008
From our Technical Analyst Jamie Saettele:
Don’t expect the quiet conditions of the last few days to last much longer as an interest rate announcement from the FOMC takes place later today. Emotional impulses generated from the herding mentality that exists in free markets is what creates recognizable price patterns. Price action; before, during, and after big events such as the one later today often results in extremely clear patterns because emotion surrounding the market is elevated. The pattern in the GBPUSD is clear and presents an opportunity for short term traders.
Read more on why we think the British Pound may fall
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