We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

registration required

LOG-IN

for more website access

This content can only be viewed by subscribers and registered users of Investors Chronicle.

Subscribe or register free today

Still bullish

It was no surprise to me to see sterling weaken against the US dollar yesterday. I have been calling the pound lower for some weeks, and was looking for downside as we went into yesterday. However, the extent of the move did catch me out a little bit. A 1.6% drop is a big deal in the world of currencies, and there has been further bearish follow-through overnight.

While the DAX and FTSE came off as well yesterday, I am sticking to my bullish outlook for now. I don’t see the negative moves in GBPUSD and EURUSD as being harbingers of doom for equities. The underlying case in favour of stocks – cheap money and economic improvement remain intact.

I seek a long position in the FTSE and EURGBP, and I expect more downside in GBPUSD and EURUSD.

Click here for PDF version.

registration required

LOG-IN

visible-status-Registered story-url-Euro_190213.xml

By Dominic Picarda,
21 February 2013
08:34:24

Print this article Share this article

More by Dominic Picarda

Dominic Picarda

Dominic Picarda is a CFA charterholder and a Chartered Market Technician. He has co-ordinated the IC's charting coverage for four years. He is a frequent speaker at seminars and other trading events.