THE DOT - if this turns orange or red be alert

Thursday, March 4, 2010

EURGBP update - get ready for the final ride bulls

We have quite an obvious pattern here in the weekly charts as the triangle consolidation will come to an end very soon. gbp is clearly on a path to parity against the eur - we should breakout to the upside with a target of 1.05 roughly with elections ahead and new trouble looming from the financial sector. hence the crucial aspect will be a weekly close above 0.9225 confirming the move which is very likely to happen within the next 2-3 weeks. that will be a good point to short the gbp against the eur as the eur is in general terms of getting a bottom so the move will be driven by 2 factors gbb weakness and temp eur strength.

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