Short UK, Long Sweden - That's What Forex Markets Are Saying
Peter Brandt | Feb 24, 2016 12:05AM ET
The weekly chart of GBP/SEK completed an 11-month H&S top in mid January. This pattern has a price target of 11.18 SEK to 1 GBP.
The daily chart displays a smaller H&S top pattern that formed under the neckline of the weekly H&S pattern. This pattern was solidified by the decline yesterday (23 February).
Disclosure: In case it is not self-evident, we are short GBP/SEK, having shorted the cross this past Sunday evening.
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