(Click at the picture to enlarge)We are currently moving down in purple wave iii of red wave iii, which will make this a relentless decline. I will non the less expect a short time correction higher towards the 161.50-60 area before the next seriouse decline towards the 150.67 target.
Fundamentals are beginning to align with the tecnicals, which is common as wave 3 progresses.
Bank of England Gorvenor King has indicated, that a weaker Pound would be preferable to help the industri exporting more.
There have been rumors that the 2010 budget will be cut by 10% and that the quantitative easing will have to be rolled back in the near future. all pointing towards a weaker currency.
I think that Gordon Brown, Darling and King will get a lot more than they bargain for...
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