Short England Long Sweden — that is what the forex markets are saying

/by

 

British Pound/Swedish Krona price charts displays extremely bearish construction

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.

2.23_GBP.SEK_W

The daily chart displays a smaller H&S top pattern that formed under the neckline of the weekly H&S pattern. This pattern was solidfied by the decline today (23February).

2.23_GBP.SEK_D

This forex cross is a wonderful example of the type of chart construction sought by Factor LLC for its proprietary trading. This is the type of chart construction Factor LLC attempts to bring to the attention of members of the Factor Service.

Disclosure: In case it is not self-evident, Factor is short GBP/SEK, having shorted the cross this past Sunday evening.

###