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Guest Commentary: The EUR/GBP 'Paradigm Shift' on Sterling is Confirmed!

Guest Commentary: The EUR/GBP 'Paradigm Shift' on Sterling is Confirmed!

2013-02-05 12:15:00
Ed Matts, Technical Strategist
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* Euro Sterling remains in a medium term uptrend ultimately destined for new highs.

* The recent price action (break of weekly downtrend resistance) confirms the necessary 'Paradigm Shift' and an associated quantum leap in volatility similar to 2008.

* Besides staying long, there is a clear trading strategy to take advantage of an unusually aggressive market.

Guest_Commentary_The_EURGBP_Paradigm_Shift_on_Sterling_is_Confirmed_body_Picture_1.png, Guest Commentary: The EUR/GBP 'Paradigm Shift' on Sterling is Confirmed!

The last 48 hours confirms that the rally through 85 was indeed the midpoint point and that Euro Sterling has undergone a paradigm shift…You have to go back to the January 2008 to find analogous price action.

The spike to 8715 has completed a trend sequence from 8550 (with an extended fifth) and therefore a trend sequence from 8265. But it hasn't ended the major move from 8085 (the third wave).

The current reaction should ideally retrace to 8605 initially the 23.6% and the extension point from where it should doubly retrace back into the 8715 high in a pivotal 8605-8715 consolidation. Although it is tempting to look for a later deeper retracement to 8540 38.2% and the previous corrective low, Euro Sterling is only answering a 36 hour 60 point correction at this point. It could easily break up from a retest of the broken weekly trend resistance now support at 8605 in a 240 5=1 move to a seemingly outrageous 8820-8880 target area to end the major third wave before correcting to 8550 (38.2%) possibly 8460 next time.

So we are staying long and looking to add to after the next 3 wave corrective retracement with 8450 short term stops.

Further videos or commentaries are available from ww.marketvisiontv.com or @EdMatts on Twitter.

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