FX Trading – Pound pounded, Euro fading GBPUSD Weekly

FX Trading – Pound pounded, Euro fading
Ouch! The British pound got hammered this morning…and the euro ain’t acting as though the German/French plans to bailout Greece are going so well. Commodity currencies flat…but will likely take their cue from stocks again next week.

GBPUSD Weekly: The pound tested its weekly trend line and key retracement level this morning i.e. 61.8% from the old high to the credit crunch low. Next stop 1.35—the credit crunch low? Or time for a bounce?

EURUSD Weekly: Ditto. Testing a 61.8% retracement level (1.3400) from its high to credit crunch low? (see next page)

Source: www.babypips.com