Thursday, March 4, 2010
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.
Posted by getagrip at 2:39 AM