The EURGBP has had a wild day today – first rallying strongly on the back of the GBPUSD poll results and the merger news from Pru PLC and AIG Asia.  In NY the market reversed as London was set to leave for the day for no apparent reason.  The fall sent the low to 200 bar MA on the 5 minute chart and after holding for a whild in the NY afternoon has started to rise once again.  The upside resistance will come at the 100 bar MA at the 0.9052 level.    

The implications for the moves has caused extreme moves in the underlying EURUSD and the GBPUSD.  When the EURUSD was being sold during the late NY morning , the EURGBP was leading the way down. 

Conversely when the GBPUSD was trading at the lows, the EURGBP was at the peak.

Recent Articles By Greg Michalowski:

• Forex Trading: Eurozone Q4 Employment Change Q/q -0.2% Vs -0.2% Expected And Prior -0.1%
• Forex Trading: Aud/usd Getting Close To The 50% Retracement Level.
• Forex Trading: Usd/hkd Continue To Rally After Break Out Of A Upward Wedge.
• Forex Trading: EUR/USD Finding Short Term Trend Line Support
• Forex Trading: Usd/hkd Breaks Through This Upward Wedge.
• All Articles By Greg Michalowski »

Leave A Comment :