EURGBP Bullish Turn

by Ashraf Laidi

Mar 2, 2009 13:30

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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