The monthly chart of the British Pound is bearish, projecting down nearly to parity with the U.S. dollar according to Hidden Pivot analysis. In 2008 the U.S. dollar rallied spectacularly, as many of the world’s other major currencies plunged. But unlike the Canadian and Australian dollars in particular, the Pound’s recovery after the 2008 rout has faltered, producing a robust pattern with a “D” target at 1.0261. As we observe the Pound’s action going forward, we will be especially keen to find good shorting opportunities. (Posted by Doug McLagan)
