While sterling may have broken back above $1.60 level, I sense a lack of real conviction behind the move, says Matt Shaw at http://www.financialtrading.co
The logical outcome now is a significant move back downwards, in my view. Having shorted at $1.6145, I am looking for a drop to $1.5850. I will add to my position on a drop through $1.61.
City Trades are written by selected external contributors and are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.
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