itzbert
Long

EURGBP Long, Merkel & Germany Giving MORE POWER To The EURO

OANDA:EURGBP   Euro / British Pound
"Germany’s Social Democratic Party ( SPD ) have endorsed a new coalition with Angela Merkel’s Christian Democrats (CDU) and the Christian Social Union (CSU), their Bavarian sister party. That puts Germany’s long months of coalition wrangling to an end—the election was held on September 24th—and gives Europe’s largest economy a stable government. It also secures Mrs Merkel’s reappointment as chancellor, which is expected to take place in the Bundestag on March 14th."
--- Credit to: The Economist

* CDU-SPD Coalition, explained above, will be supportive of European integration strengthening the Euro outlook and continued investments by investors who were likely waiting for the Germany vote outcome before entering or adding to their positions.

The UK political situation remains questionable with risks of global trade concerns. In this environment, the GBP should underperform.

Technically speaking, EURGBP seems to be breaking through a small resistance zone @ 0.89253. Daily candles have already broken this zone and hourly charts seem to be bullishly retesting this zone after triggering buy orders at the mental .89000 even price which was rejected hard. A break above .9020 would signal further upside to maybe even 2009s highs of 0.9400

The market structure is also obviously bullish with higher highs and lower highs. The Red boxes are higher highs and the green boxes are lower highs. Once price drops below a red lower high, the current momentum will become questionable.. but that has not happened since Feb 1st when this trend began.
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