FXWW News/GBP crosses/Technical Analysis

EUR/GBP: Still capped below .8600; Carney taking over today

The GBP should be quite volatile once Europe gets up and running with big technical levels close by in both cable and EUR/GBP.
Today is also the first day at work for new BOE governor Carney and although its unlikely that he will be rocking any boats anytime soon, that will not stop the market from speculating on possible policy moves.
EUR/GBP has been capped in recent weeks below .8600 and cable has strong support at 1.5155/80 which we looked at earlier.

  1. Hi Sean,

    Do we have a rising wedge formation of the daily chart of this pair? I trend to see it that way but I would like to have your opinion here.

  2. Yes, the wedge would end up at 8600. But rising wedge means we’ll have a fresh new downtrend from 8600 no matter we had an uptrend or a downtrend before the wedge. Does it match the bias you developed for this pair recently?

  3. I’m not sure why I’ve become so bullish GBP over last few weeks but somethg is screaming at me that its totally undervalued, esp against EUR. I think cross will fall to 75 in coming months

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