It might smell and taste that it is euro which is under trouble while after one european county (greece) after another might join to leverage troubles club with national budgets (spain, italy and portugese to list a few). The list of country candidates starts to growing which are in practise running out of money or forced to overleverage national budgets while personal and corporate tax incomes are dropping at the same time. Mediterranean Sea is surrounded by pretty many candidates and that does count yet any of the eastern european troubles.
But here´s one another overleveraged and definetely overexpensive country called UK.
British Sterling has in fact corrected only one impulse down at so far which clearly was an impulse and should not be part of fancy complex zigzag families. While United Kingdom is the land of financial services, investment banks and insurance business since 25% London habitants works for this particular area the way or another. This high number of peoble working for financial area can be anything higher than this only in Cayman Island or similiar small offshore areas. UK is clearly silicon valley of financial services.
I raise target that GBP could take 35000 – 40000 pips downside road by the end of the year meaning next 9 months. Financial Kingdom & Queen might see rocky road year ahead.
With that in mind, awesome european youtube breake needed before new week starts;
http://www.youtube.com/watch?v=0_znmFcLuuU
