Euro Rise Vs. Pound Could Be Short-Lived!
The Euro (EUR) has been moving higher vs. the British pound over the last 4 days on the prospects of a declining growth story in the UK, which was confirmed by this morning’s release of UK GDP figures. However, the 4-hour chart of this currency pair suggests that we may be reaching a triple-top resistance area at .8885.
The markets have been kind to the Euro despite the rumblings of problems with the Greek debt deal as the vote to expand the EFSF is not a done-deal just yet. With market attention on the US Dollar of late, the focus could return to the Euro after Bernanke’s speech today.