Somehow the whole upmove on the EURUSD does not look very good to me. There has been too slow progress and the volume stats also do not support the move. But the market can be irrational for quite a long time and so i dont want to challenge the market.
Through all this, GBPUSD has not moved much. It has tried to make progress today but has been repeatedly beaten down. To its credit, it has not broken thru major support levels yet. But the volume studies in GBPUSD and EURGBP on the daily charts suggest that GBPUSD might make a big down move over the next 2-3 days. This ties up with the rate statement on Thursday. EURGBP looks highly bullish to me and GBPUSD looks bearish. I might be wrong but thats what i see. Trade safe.
