Sterling Digest, April 20 2012: sterling hot

• Posted by faithmight
• on April 20th, 2012

Sterling has staged a breakout across the board this week as its underlying fundamental landscape has turned hawkish. Early Friday trading saw GBP break to new 2012 highs versus the AUD, CAD, USD, and NZD. Its been a tremendous week. So it is no wonder that many traders are looking to get short sterling into next week. Whether this is a good idea or not depends on your timeframe. Just remember though, the trend is your friend.

• GBP Making Strong Moves On The Crosses; This Is Not The Time To Be Short Of GBP (Forex Live)
• BOE’s Posen Says U.K. Economy Will Be Stronger Than Data Show (Bloomberg) [He must have known retail sales would be a blow out today.]
• Positioning More Bearishly Vs. The Australian Dollar As It Loses 2012’s Gains (Seeking Alpha)
• The Sterling could be forming a double top (Chart.ly)
• Elliott Wave Analysis For EURGBP on 4hours Chart (Elliot Wave Analysis)
• GBPUSD Update (50’s Blog)
• This most recent upswing confirmed the floor on a big rising wedge for cable (Chart.ly)
• EURGBP Weekly chart (Chart.ly)

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