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Tough Start for GBP!
By Mike Conlon | September 24, 2009
Sometimes in trading you just have to stick with your initial “gut” feeling. Yesterday I wrote in an article below, “Sound As A Pound…. For Now” that I thought the long-term outlook for GBP was negative but that it would probably take a while for the market to catch on before the serious selling would begin.
Apparently not. And I highly doubt its because the market reads this blog, though one never knows! LOL
Anyway, GBP is getting slaughtered this morning, with GBP/JPY (-2.30%), GBP/USD (-1.92%), EUR/GBP (+1.64%), and GBP/CHF (-1.73%).
While I initially thought that GBP would remain positive vs. USD, it appears that they may be playing “catch-up” or “catch down” as it were to USD in the Quantitative easing department.
Any way you slice it, it looks like the GBP selling has begun and it could be a while for it to recover.
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