Picking Sterling's July Bottom
Both EURUSD and GBPUSD rallied markedly from their July low, gaining 7.5% and 9.5% respectively. Considering the 2013 high for GBPUSD stands at 1.6381, compared to 1.3711 for EURUSD, there appears greater upside potential for sterling from current levels. Friday's IFO release from Germany is expected to replicate the positivity seen in this week's release of the ZEW. The clearer danger to EURUSD emerges from none other than the next ECB press conference, which is in 3 weeks' time. Until then, expect ECB officials to shed light on the Eurozone's extremely low inflation rate and reiterate their stance on forward guidance for low rates. But the road past 1.37 faces fewer challenges than 8 months ago. Our Premium subscribers will note that the last SHORT trade in GBPUSD was on May 29 and every trade thereafter was a LONG. Over 60% of the trades hit all targets, while the rest were either stopped out or unfilled. The use of multi-time frame momentum analysis enables the differentiation between corrective and impulsive moves, as well as the pinpointing of new trends.
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