UK joining the Euro? EURGBP at 1.0000 ? | Forex Factory

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UK joining the Euro? EURGBP at 1.0000 ?

  • #1
  • First Post: Edited 5:18pm Dec 1, 2008 9:45am | Edited 5:18pm
Barroso, said that UK is closer to the Euro than ever.... They said it is not immediate to adopt the Euro but there are some private conversations about it.

in spanish, I haven't found it in english.. sorry... http://news.bbc.co.uk/hi/spanish/bus...00/7757859.stm

that means to me... EURGBP at 1.0000

What do you think ?
  • #2
  • Dec 1, 2008 1:42pm Dec 1, 2008 1:42pm
Hi. Do you see something similar on the chart?
  • #3
  • Dec 1, 2008 1:49pm Dec 1, 2008 1:49pm
Currently at .8500. Considering how wrong the vast majority of parity talk is, I think it'd be a good idea to bet against it.
  • #4
  • Edited 2:07pm Dec 1, 2008 1:52pm | Edited 2:07pm
Quoting belekas
Hi. Do you see something similar on the chart?
hi
1.0 is still far away to see it on the chart... but 0,9000 is not crazy which is 161.8 fib extension of last run.
Attached Image (click to enlarge)
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  • #5
  • Dec 1, 2008 1:53pm Dec 1, 2008 1:53pm
Quoting emda
hi
1.0 is still far away to see it on the chart... but 1,9000 is not crazy which is 161.8 fib extension of last run.
You mean 0.9000
  • #6
  • Dec 1, 2008 2:08pm Dec 1, 2008 2:08pm
Quoting belekas
You mean 0.9000
yes thank you hehe. edited
  • #7
  • Dec 1, 2008 2:29pm Dec 1, 2008 2:29pm
I have data from the early 80s. Looking at the monthly i see a possible ascending channel that price is trading inside right now. If we had a HH before the 80s to make it a connection point for the UTL, then it would only confirm the ascending channel view.

I can post my chart if your interested. Cheers.
  • #8
  • Dec 1, 2008 2:59pm Dec 1, 2008 2:59pm
if you look back to gbp/deutsche mark charts, 0.9 is not unheard of .
  • #9
  • Dec 1, 2008 4:59pm Dec 1, 2008 4:59pm
Quoting emda
in spanish, I haven't found it in english.. sorry... http://news.bbc.co.uk/hi/spanish/bus...00/7757859.stm
been following this notion for awhile.

here's your link in englais for us yanquis... i just included it as part of an email i sent to some friends yesterday on the same topic... it's intriguing.
-------------

...while aknowledging there are hurdles yet to clear....

"The UK is "closer than ever before" to joining the euro, according to the president of the European Commission, Jose Manuel Barroso..."

http://news.bbc.co.uk/2/hi/business/7757830.stm

This from a couple weeks ago from a foreign exchange source i look at sometimes.. note the caption language as it conveys a sentiment that is emerging...
Bank of England throws the towel...During this past week, Europe joined the group of nations that have shown economic contraction...Yet, the ZEW Economic Sentiment for the euro zone showed an improvement in consumer sentiment. Trichet's hawkish words this past week also could be understood as bullish for the euro at face value, but that is also how the UK Governor King used to sound a few weeks ago and look at him now.
http://www.forexfactory.com/news.php?do=news&id=127403
FUBAR...
  • #10
  • Dec 1, 2008 6:57pm Dec 1, 2008 6:57pm
England is being pressured by the bad economic conditions to think about changing the currency in its country (if Barroso words are correct) but the overall spirit in that country wouldn’t let that thing happen they need a referendum to complete the change.
However GPB has fallen and now try to reach EUR.
  • #11
  • Dec 2, 2008 12:50pm Dec 2, 2008 12:50pm
Thanks ak4x for the english link

exactly MaggBeauty. That's what is of interest to us as traders... first I think EURGBP should have to go to 1.0000 and beyond... for the referendum to take place... But the words of Barroso means that if there are important people thinking seriously about it.. is because they have to have big reasons... so whty not ride the trend until 1.0000? Having a price target in a trend is very important to me to manage the risks.
  • #12
  • Dec 3, 2008 3:23am Dec 3, 2008 3:23am
EURGBP still climbing... seems as if the market is anticipating more interest rate cut for GBP than for EUR.... tomorrow is going to be interesting...
  • #13
  • Dec 3, 2008 3:43am Dec 3, 2008 3:43am
Hi Emda. Flag on daily with .8950 as TP 1. Yesterdays close failed to close 1% above the pattern so lets see where it closes tonight.
Attached Image (click to enlarge)
Click to Enlarge Name: flag.gif Size: 20 KB
Measure twice, cut once
  • #14
  • Dec 3, 2008 4:12am Dec 3, 2008 4:12am
Quoting aediaz1
Hi Emda. Flag on daily with .8950 as TP 1. Yesterdays close failed to close 1% above the pattern so lets see where it closes tonight.
hi
yeah. that's a pretty flag... it would be a shame not to complete this pattern
  • #15
  • Dec 3, 2008 4:25am Dec 3, 2008 4:25am
Quoting emda
that means to me... EURGBP at 1.0000
Why would that mean that EUR has the same value as GBP? They could just introduce a fixed rate like they did for all other currencies (e.g. 1.95583 for DEM).

BTW: I don't believe the UK will join the Euro in the next years.
  • #16
  • Dec 3, 2008 4:27am Dec 3, 2008 4:27am
I saw this Fibonacci chart.
Attached Image (click to enlarge)
Click to Enlarge Name: my understanding of the market.GIF Size: 19 KB
  • #17
  • Dec 3, 2008 4:36am Dec 3, 2008 4:36am
Quoting Trader613
I saw this Fibonacci chart.
Your chart is full of blue lines. I would see a doctor because it doesn't looks good, buddy.
Measure twice, cut once
  • #18
  • Dec 3, 2008 5:02am Dec 3, 2008 5:02am
Quoting aediaz1
Your chart is full of blue lines. I would see a doctor because it doesn't looks good, buddy.
  • #19
  • Dec 3, 2008 9:22am Dec 3, 2008 9:22am
Quoting aediaz1
Your chart is full of blue lines. I would see a doctor because it doesn't looks good, buddy.
Correct me if I am wrong aediaz1:

Whoever does not trade off similar charts to yours needs to see a doctor?

Let me ask you this if I may: Is this your wise and positive contribution and comment on an open public forum where everyone is entitled to an opinion and is allowed and welcomed to show different views of the market?

Do you (and others; belekas finds this funny, search me???) feel better now about yourself having commented like this? Do you feel stronger now?

My best
  • #20
  • Dec 3, 2008 9:27am Dec 3, 2008 9:27am
Quoting Trader613
Correct me if I am wrong aediaz1:

Whoever does not trade off similar charts to yours needs to see a doctor?

Let me ask you this if I may: Is this your wise and positive contribution and comment on an open public forum where everyone is entitled to an opinion and is allowed and welcomed to show different views of the market?

Do you (and others; belekas finds this funny, search me???) feel better now about yourself having commented like this? Do you feel stronger now?

My best
I'm sorry, it was not intended to hurt anybody feelings. Unless I misunderstand something here, what useful information does your line tell ?
Measure twice, cut once
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