Hot-Charts
EURGBP Bullish Turn
by
Mar 2, 2009 13:30
| 1 Comment
EURGBP rebound shows signs of deeper recovery as pair ends 2-day losing streak amid selling in GBP following the 70% decline in HSBCs 2008 net income. Todays bullish engulfing pattern sets the stage for 0.8970 and 0.9000. Subsequent resistance stands at 0.9070trend line resistance from the Dec 30 high thru the Jan 26 high, as well as the 38% retracement of the move from the same high to the 0.8635 low (Feb 10). Support stands at 0.8860, backed by 0.8800. Thursdays ECB/BOE decisions are expected to produce rate cuts of 50-bps each to 1.50% and 0.50% respectively, thus potentially calling for further GBP losses on the break of the 1.0% mark in the UK.
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I would like to add some comments. EUR/GBP Daily Chart is also supported by 95 SMA since Feb 2009, and as the momentum indicator MACD is crossing over, I agree that the pair will have an upside bias towards 0.95.
Besides, the QE implemented by BoE may prompt the pound more bearish against other major currencies as well, since the yield for the long Gilt may be suppressed and appears to underperform other major currencies.
Other GBP crosses are turning more bearish after the policy meeting. One thing to note that the upside for the GBP/AUD is capped by 100 SMA in daily chart and is likely to fall back to 2.17 next week.