[B]My picks:[/B] Sell Short GBPUSD @ 1.5700
[B]Expertise: [/B]Global Macro
[B]Average Time Frame of Trades: [/B]1 week
Earlier this morning, the British pound fell sharply after Standard & Poor’s lowered its credit-rating outlook for the United Kingdom from stable to negative. Recent economic data unequivocally points towards a sharp slowdown in the British economy. However, judging by the move in the British pound exchange rate, not all investors expected the downgrade. Having said that, I expect the British pound to remain under selling pressure and I will look for a technical setup to sell it around 1.57 with a stop at 1.5800. Good luck.