City Trades: Sterling heading higher.
Investors Chronicle - magazine and web content, June, 2009
Byline: David Linton
TRADING IDEA: Sterling could reach $1.75 against the dollar before its rally ends
Sterling's knee-jerk reaction to political turmoil in the UK this week is nothing more than that, says David Linton at Updata.
The fact that it occurred at the Fibonacci 38.2 per cent retracement level of its recent fall may be nothing more than a coincidence, but the 50 per cent level at around $1.75 - which was also a temporary turning-point on the way down - is likely to be where sterling struggles. The rule of thumb with any retracement is to expect half the move to be undone.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation...
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