From BBC News:
People have “every right to be angry” with banks for the UK’s financial crisis, the outgoing Bank of England (BoE) governor Sir Mervyn King says…..”But this crisis wasn’t caused by a few individuals, it was a crisis of the system of banking we had allowed to grow up. “It’s very important we don’t demonise the individuals but we do keep cracking on with changing the system.”
Read more at BBC News – Sir Mervyn King: Public are right to be angry at banks.
Sterling is headed for a test of primary support at $1.53* after completing a double top. Oscillation of 63-day Twiggs Momentum in a similar range to the last year would indicate a ranging market in the longer term — between $1.53 and $1.63.
* Target calculation: 1.58 – ( 1.63 – 1.58 ) = 1.53
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
Gavyn Davies writes on BOE governor Mervyn King’s UK economic policy speech on Tuesday in FT Blogs:
The governor gives an extremely broad hint that he would like sterling to be much lower against other currencies. In his view, the drop of 25 per cent in sterling, which happened between late 2007 and the beginning of 2009, was “certainly necessary” for a full rebalancing of the UK economy.
If we take a look at the long-term view, sterling is ranging in a narrow band against the greenback after a sharp fall in 2008. 63-day Twiggs Momentum oscillating close to the zero line (within 5%) is typical of a ranging market.
Completion of a double top on the weekly chart signals a down-swing to primary support at $1.53*. 63-day Twiggs Momentum below zero strengthens the signal.
* Target calculation: 1.58 – ( 1.63 – 1.58 ) = 1.53
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
