I am short the pound at $1.5961, says Matt Shaw at www.financialtrading.co
My projections have the pound heading lower, now that the support at $1.5986 has been broken. The immediate target is around $1.58, whereupon I envisage taking profits and buying into a rally back towards $1.60. Still, I don't see sterling getting much beyond that level for the next couple of weeks.
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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