1st on Forex: For Your Trading Success by 
US financial stocks opened lower souring inauguration elation on the financial networks. This after the UK signaled it was considering taking the drastic act of nationalising banks and quantatitative easing. Speculation that the UK might lose it’s AAA rating come after Spain sufferred just such a downgrade.
Jim Rodgers – Doesn’t Want To Be Your Neighbor in the UK
The Commodities trader and former trading partner of George Soros - Jim Rodgers kicked the Pound from the curb into the sewer by stating, ” I would urge you to sell any Sterling you might have.”
GBP-USD 4 Hour Chart (click to Enlarge)
Ouch…. Come on Jim - have some sympathy… It was not that long ago that the Pound was trading at 2.0 to the US Dollar - My how things can change… The above chart shows a nice Head and Shoulder pattern that has been forming over the past week - now breaking the neckline.
Dollar - Still Safe Haven?
In the current enviornment - the US Dollar is still viewed as a “Safe Haven”, except for the Yen which continues to strengthen as some people speculate that Asia may not suffer as much as the Western world - time will tell….
Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.