GBP Should Be Stronger than the EUR

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Published: Apr 20, 2017, 11:31 UTC

Cable is taking a break after a surge that happened earlier this week. The correction is small and typical for a strong bull market.

After the 18^th of April when we find out about the earlier elections in UK, the markets are now much more calm. We do not have strong market movers. Many analysts try to push the French elections on the front but in my opinion currency market do not care about that too much.
EURUSD is heading towards a crucial long-term resistance created by the horizontal resistance on the 1.085 and a dynamic down trendline connecting long-term lower highs. To that place we still have 80 pips and I think that we will get there in the nearest future.

Cable is taking a break after a surge that happened earlier this week. The correction is small and typical for a strong bull market. Sentiment is positive and many long-term sellers have hard time ahead of them.
EURGBP is retracing the recent bearish breakout. That is a normal movement that is widely used by determined sellers to open new short positions. As long as we stay below all major resistances, the sentiment is strongly negative.

About the Author

Tomasz Wiśniewskicontributor

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.