With Poland’s macro statistics continuing to be favourable over that of UK’s, it is not surprising to see GBPPLN moving downwards (Sterling weak).
Four down days in a row last week dragged the rate from 4.75 to 4.67. This decline affirmed the pattern of falling lows, meaning that supply of Sterling is greater than that of Polish Zloty. Technically, bouts of Sterling strength were often short-lived, suggesting that the long-term predominant trend favours Zloty.
A test of the next support (4.65) is underway. If successful, the rate will probably move quickly to test the 2017 lows of 4.60.
Jackson has over 15 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.