A pound seat buy
And traders can benefit from FirstRand
THE BRITISH POUND is an interesting currency. It’s gone from making a 20-year high to making a 20-year low all over the past year (against the US dollar). We look at the pound’s long-term chart to get an idea of where to next. We also look at a chart of South African banking stock FirstRand. Its price is preparing for another fall – which can be capitalised on by traders. But the pound has recently tested ultra-long-term support, which makes it a long-term buy versus the US dollar.
Please note: For more recommendations and charts by the author on shares, stock indices and commodities please go to www.themarket.co.za.