Although the GBP moving average is showing strong, so is the USD and the USD index still bullish from last night.
GBP is now over bought and needs a pull back before it breaks through the next key level.
IF we break out above 1.2160 the short term trend remains your friend *bullish
Watch the GBP moving average sellers sat at 1.4436
There are a few factors that indicate a big EUR sell off in the next few weeks. A break in the current resistance with little support in the way for reversal and a declining economic strength will be in favour of the USD to push the EUR further to the short side.
Aiming for a slow move to the downside with US Dollar Index showing positive moves to the upside and the British Pound Index Turning bearish on the Open.
There are economic factors that may accelerate the moves.