GBPSGD – The UK pound is being sold off like nobody’s business. The Brexit story is now playing out and the UK pound is not the favorite currency of traders as you can see on the chart above.
Anyway, the above chart is the monthly chart. You might be wondering, who looks at the monthly chart right? Well I do. Especially if I see big moves in one direction. And that is exactly what is happening to the GBPSGD at the moment. It is going in one direction and the direction is down.
Where is this carnage going to stop or will it stop at all? Of course it will stop falling. But where?
If you look at the chart above, you will find that the pair has been in a down trend in has been swinging in a downward pointing channel. We see now that the pair is at the base of the channel.
It did go below the channel but it got bought up and we see a pin tail forming on the current monthly candle.
I guess the big boys are buying the pound at those levels as the pound might “seem cheap” at those levels.
Anway, if you are a Singaporean and love going to the UK or London to do some shopping or just get some British air, you are in luck! The Pound is at an all time low against the Singapore dollar and you can get more UK Pounds for every Singapore dollar that you exchange at your local money changer.
Isn’t it a great time now to fly to London and see your good old friend the Big Ben.
For me, I think it is a great time.
Gonna buy some Pounds now!
Pro Trader & Trading Coach
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