GBP s looking good.....

I was checking on the charts in the afternoon at the end of my trading session. Yes, I am not trading 8 hours straight asa not all timing is good for trade, there are time when the market is so silent that I would end up wasting time waiting for a signal.

I nosed around the charts and came across GBPEUR. 

I made an entry on the situation in Britain titled Is Britain's economy in trouble? 11th October 2022. While the monthly chart indicated a continuation downward, the weekly chart showed some promising signs up-ward.

Fig 1. GBPEUR weekly chart

When I looked at the chart today, GBPEUR went up further and is testing the mving averages which is now stuck together. 

there is some momentum in GBPEUR but I am not sure if it is enough to break. At the moment it is just a gut feeling that it might break the resistance and continue upward. 

There are still some concerns though, the bars bodies are overlapping and it kind of indicating a counterwave behavior. Still there is a need for it to have a final outburst before reversing. 

At the moment, it is violating the previous low and if successful, will be an early indication of a reversal.

Anyway, no measurement today, I have to see if it will break the resistance this or next week.

So Truss did something right by cancelling the tax cancellation, and the new prime minister Rishi Sunak seems to the market quite some positive impression.