Last week was a rough start to Q2 for the British Pound. Sterling gave up value to all of the US Dollar, the Japanese Yen and even the Euro; and this comes after what most would classify as a ‘strong’ outing for the GBP in Q1 of this year. To illustrate just how jarring this move was in terms of the prior trend, I’m looking at the EUR/GBP weekly chart below. Last week showed a bullish engulfing candlestick and a stark change-of-pace. The bullish engulf is often followed as a continuation pattern, so in this case – market participants may be looking for the Euro to continue to outpace the British currency. On the ... (full story)