British Pound – more weakness ahead….

pound gartleyThe embedded image in this chart shows the weekly nearest price action of British Pound futures. Britain has made no bones about it – it is intent on devaluing the Pound so as to stimulate the export sector and make jobs for the middle class, blah…blah…blah…

Someone should remind the people at the British Exchequer ( their Central Bank) that Britain only accounts for a miniscule percentage of global goods made for export. Devaluing the Pound won’t do a damn thing for exports and the so called middle class (has anyone seen any members of this species on the streets of London lately ?).

In any case, a classic paralleogram Gartley construct shows a target of 1.4800 as a low in the coming weeks/months.

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