Friday 26 April 2013

EUR and GBP strength

In my posts here and here, both currencies were showing some upside potential which came true, more on the sterling though. GBP smashed the blue horizontal channel and didn't look back. It reached the target for my money, looks overbought and just hit resistance which I showed in the second pic. However, that resistance or being overbought would hardly stop its strength until it reaches the red channel upper band. 



Euro on the other hand couldn't show the same behavior. It looks like it is stuck inside a bull flag. Until is gets itself out of it above 1.3110, there will be little action here. Below 1.2990 wouldn't be good for the bulls. Hope it helps.


 

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