GBPPLN – A base breakout underway….

Since early February, there has been a marked shift in the global financial tide. One of these is the withdrawal of capital from emerging markets.
Of course, not all emerging markets are similar. Some have strong fundamentals, some have weaker. Argentina, for example belongs to the latter – whilst Poland is the better ones. The Polish GDP is expected to grow firmly this year. Still, its currency has weakened.
Against the greenback, the Zloty slumped from 3.40 to 3.60 recently. Meanwhile GBPPLN is staying firmly above 4.80 with a bias towards 5.00. As long as capital continues to move towards USD, we expect the Polish Zloty to come under increasing pressure.

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