Hi again,
I've been holding the GBP/USD long since last week. Been quite the rollercoaster past few days.
Led me to look again at the EURO/GBP. Took a short this morning on the short term retrace above the 88.00 level. Long term charts/Monthlies are showing a topping out on this pair with a lot of downside potential. Might be worth trading this pair from the short side for the next few months.
Ongoing soverign debt problems in Europe mainland coupled with the upcoming U.K. election just may produce a decent move. Possible recovery brewing in the U.K. to boost the GBP thrown in to boot.
This weeks BOE plus ECB will chart the course.
There is a nicely forming trend starting to exhibit on the 4 hour and larger time frames. Currently the unwinding of long term carry trades is probably moving the pair now.
Am waiting for something to happen in the USD/CAD to show the possible future.
I've been holding the GBP/USD long since last week. Been quite the rollercoaster past few days.
Led me to look again at the EURO/GBP. Took a short this morning on the short term retrace above the 88.00 level. Long term charts/Monthlies are showing a topping out on this pair with a lot of downside potential. Might be worth trading this pair from the short side for the next few months.
Ongoing soverign debt problems in Europe mainland coupled with the upcoming U.K. election just may produce a decent move. Possible recovery brewing in the U.K. to boost the GBP thrown in to boot.
This weeks BOE plus ECB will chart the course.
There is a nicely forming trend starting to exhibit on the 4 hour and larger time frames. Currently the unwinding of long term carry trades is probably moving the pair now.
Am waiting for something to happen in the USD/CAD to show the possible future.