A pound seat buy

And traders can ben­e­fit from FirstRand

Finweek English Edition - - Creating Wealth - COLIN ABRAMS colin@the­mar­ket.co.za Tech­ni­cal an­a­lyst

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.

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