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Short Term EUR/GBP Gains Delay Medium Term Bears

Currencies / Futures Trading Sep 27, 2010 - 05:46 AM GMT

By: Seven_Days_Ahead

Currencies

The earlier fall in the EUR/GBP cross came to a temporary halt in June, and the market has been reluctant to resume its medium term bear path. Recent strength is not yet seen as the precursor to any major trend turnaround, but it still delays lower values.


The FX Specialist view


 MONTHLY CHART

Prior breaks of support signalled a medium term bear move underway, with a 50% pullback level providing effective support.

The current rally is presumed temporary – note resistance here from the old triangle underside, just above 0.8800.


DAILY CHART:

Following earlier support from around a s/term 76.4% level bulls have driven price through a bear channel top projection and, initially, through the 0.8532 Jul high.

This implies loss of bear momentum and invites further gains.

Nearby resistance comes from a 50% recovery level at 0.8607, and   small channel top just above at 0.8630. A break through this would provide a boost for the move.

S/term dips should currently prove short-lived. Note first support could emerge around the 0.8400 area.

 

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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