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.

Close

registration required

or
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

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

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

Print this article

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.

IC columnists

Simon Thompson

Simon Thompson

Winning stock and trading ideas from the creator of the Bargain Portfolio

The Trader

The Trader

Technical analysis and market calls from our in-house charting expert

Mr Bearbull

Mr Bearbull

Sound advice on running portfolios from an experienced commentator

Smart Money

Smart Money

Practical advice to help you plan your future

Chris Dillow

Chris Dillow

Incisive economic commentary plus thoughts on investor behaviour

Property Matters

Property Matters

Comment on the ups and downs of property investments, with a particular focus on the perennially popular world of buy to let

The Editor

The Editor

Commentary on markets, world affairs and everything to do with investing

Chronic Investor Blog

Chronic Investor Blog

Our light-hearted take on the world of investing

Advertiser reports

Register today and get...

Register today and get...
Please note terms & conditions apply