April 14, 2011
EURGBP Still Bullish The 38.2 Fibonacci level is a good place for bulls to come in. A break below there targets 0.8820, also the 50% Fibonacci level. Not much news out of Europe this session so moves should be very technical if we don’t get any surprise announcements. Fundamentals still favor the euro with China assuring the markets that there is plenty of help for periphery European economies, the markets are left to weigh the sentiment of the central banks. The European Central Bank (ECB) is clearly more hawkish than the Bank of England (BoE). The uptrend is only in question if price closes below 0.8840. It changes with a close below 0.8750. Read also: Interest rates ‘on hold until August’ (The Telegraph) China to Help Spain’s Ailing Banks (The Fiscal Times)

EURGBP Still Bullish

The 38.2 Fibonacci level is a good place for bulls to come in. A break below there targets 0.8820, also the 50% Fibonacci level. Not much news out of Europe this session so moves should be very technical if we don’t get any surprise announcements. Fundamentals still favor the euro with China assuring the markets that there is plenty of help for periphery European economies, the markets are left to weigh the sentiment of the central banks. The European Central Bank (ECB) is clearly more hawkish than the Bank of England (BoE). The uptrend is only in question if price closes below 0.8840. It changes with a close below 0.8750.

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2:49am  |   URL: http://fmfx.tumblr.com/post/4603683528/eurgbp-still-bullish
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