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U.K. Currency "Pounded", Guggenheim CurrencyShares British

Over the last several weeks the British Pound as seen by Guggenheim CurrencyShares British (NYSEARCA:FXB), has seen a tremendous decline. The currency pair of GBP/USD has had a terrible summer as it peaked out in July at a high of $1.719 and currently resides at just about $1.60. In the currency world that is almost defined as a currency crisis. All this decline is happening on the news that Scotland is seeking independence. With this decline my interest has been peaked for a trade on the long side. I will use the Guggenheim CurrencyShares British (NYSEARCA:FXB) ETF as my vehicle of choice, however, I will use the levels from the actual currency pair of GBP/USD for entry and exit levels. The two levels I have isolated for a long side trade are $1.600 and then a bit lower at $1.5721. These two levels are based on key fibonacci levels, in addition to some proprietary techniques. Keep this chart on your radar and look to profit on this currency pair.

Parm Mann