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GBPJPY Should Fall Lower
U.K. economy is weak, I think GBP has to fall further, here are the reasons why:
Housing prices have been falling. They had slided 9 percent this year alone. That is the worst drop in 15 years. Central Bank chief Mervyn King says it has further to go.
Falling house prices and higher food and energy costs are going to dampen consumer spending even more in the coming months.
The British have taken on a record 1.4 trillion pounds ($2.8 trillion) in debt. And those borrowing costs arent getting any cheaper.
Bank of England policy maker David Blanchflower said job losses will triple as the economy slows.
So we should see British pound going lower.
My system has signaled SELL on GBPJPY.
Shorted 10,000 GBPJPY at 186.18
Stop level at 188.26
Target level at 183.31
U.K. economy is weak, I think GBP has to fall further, here are the reasons why:
Housing prices have been falling. They had slided 9 percent this year alone. That is the worst drop in 15 years. Central Bank chief Mervyn King says it has further to go.
Falling house prices and higher food and energy costs are going to dampen consumer spending even more in the coming months.
The British have taken on a record 1.4 trillion pounds ($2.8 trillion) in debt. And those borrowing costs arent getting any cheaper.
Bank of England policy maker David Blanchflower said job losses will triple as the economy slows.
So we should see British pound going lower.
My system has signaled SELL on GBPJPY.
Shorted 10,000 GBPJPY at 186.18
Stop level at 188.26
Target level at 183.31
