Market Overview

U.K. Currency "Pounded", Guggenheim CurrencyShares British (NYSEARCA:FXB)


Over the last several weeks, the British Pound as seen by Guggenheim CurrencyShares British (NYSEARCA:FXB), has seen a tremendous decline. The currency pair of GBP/USD has had a terrible summer as it peaked out in July, at a high of $1.719 and currently resides at just about $1.60. In the currency world, that is almost defined as a currency crisis. This decline is happening on the news that Scotland is seeking independence. With this decline my interest has been peaked for a trade on the long side. I will use the Guggenheim CurrencyShares British (NYSEARCA:FXB) ETF as my vehicle of choice, however, I will use the levels from the actual currency pair of GBP/USD for entry and exit levels. The two levels I have isolated for a long side trade are $1.600 and then a bit lower at $1.5721. These two levels are based on key fibonacci levels, in addition to some proprietary techniques. Keep this chart on your radar and look to profit on this currency pair.


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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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