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Technical analysis: Short Sterling
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Short Sterling – March 2009
Wed, Sep 3 2008, 08:20 GMT
by Nicole Elliott
Comment: As swap yields tumble Short Sterling futures are dragged along in their wake. While three and six-month Libor are still stuck around 5.75% and 5.89%, of more interest will be what happens when the Bank of England’s emergency lending measures expire on the 20th October. This contract gapped up to new recent highs Monday, while Cable saw its biggest drop since expulsion from the ERM in 1992, and mayhem reigns. We urge a very cautious flexible approach in all markets. At the moment we feel this contract should now move broadly sideways between 94.700 and 95.200 with an initial upside test.
Strategy: Attempt small longs at 94.950, adding to 94.750; stop/reverse below 94.650 for 94.300. Cover longs ahead of 95.200 and wait for signs of topping before going short.
Published on Wed, Sep 3 2008, 08:22 GMT
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- Short Sterling – March 2009
Published On Wed, Nov 26 2008, 09:56 GMT - Short Sterling – March 2009
Published On Thu, Nov 20 2008, 12:38 GMT - Short Sterling – March 2009
Published On Wed, Nov 12 2008, 09:48 GMT - Short Sterling – March 2009
Published On Wed, Nov 5 2008, 09:27 GMT - Short Sterling – March 2009
Published On Wed, Oct 29 2008, 09:44 GMT
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