Loading ...Stage 3 bear for British Pound anyone?
I have been looking at bank stocks and then at the British pound chart. Someone online said the British pound was at a 30 year low. I decided to check. I think he was wrong (at least against the US dollar) but it is close:
Is a Stage III bear market coming for the GBP?
Graddhy thinks so (see below) but since his post is no longer open to comments, I will add his H&S to my chart thus (thicker red neckline). Target around $1.10:
My take on the GBP chart, at the bottom:
http://goldtadise.com/?p=361856
Hi Graddhy, I took a look at your above link. It looks like you are seeing the possibility of more than 35 cents of downside on the pound from about $1.45 to $1.10 or even a little further.
If gold held $1100 at the same time, it would go to 1000 GBP again.
I just looked at my own chart above and your head and shoulders is plain as day there too but I didn’t notice it!
Also on your link at post 361856, the US dollar bull flag there looks a lot like the gold flag does now.
I’ll post my charts in a minute.