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In spite of diverging fundamentals, Euro might be heading higher against Pound.
In last two week, Euro has been showing considerable strength against Dollar, while Pound is continuing its range with upward bias. Euro got sold off early this week from key resistance area of 0.716 against Pound, however Pound bulls hasn't been able to push through second key resistance are at 0.703 after breaking the first one around 0.708.
As a matter of fact, Euro bulls have decisively cleared above 0.716 area, bouncing back from 0.703 area. Euro is currently trading at 0.72 against pound.
Trade idea -
- Last week, we suggested going long in Pound around 0.713 area with stop loss around 0.708 and 0.703. We also suggested it might prove wise to wait for the break of 0.716 mark for conservative traders. While fundamental traders might wait for better selling opportunity up, as monetary policy divergence continues.
- However, in spite of the call we fell short of announcing the targets, which according to our view are coming around 0.75 area. Area of 0.73 and 0.738 remains as interim profit booking area.
- Key resistance stands at 0.722 area.
