ImPO GBP is about to seize its existence, longer term charts look just horribly bearish trading either at or below major support areas, descending triangles, parabolic moves vs EUR, GBP seems to be the weakest link when compared to JPY, EUR, CHF & even USD. To me it looks like we (British) are about to join EUR.
It won't & charts do point to GBP being just dumped in exchange for other currencies. I wonder whether they would start hinting at joining EUR in 2009.
They should join the Euro. Time to give up their pride and fully join Europe. Also time to loosen the entry requirements for joining the Euro for all EU countries that are currently not participating. It is too stringent as is.
as long as every country has its own tax policy and goverment spending, euro must have stringent access policys...
Agreed. However, right now, the inflation target for new countries are dependent on the lowest in the EU, not the Eurozone. That could mean that they would have to reach targets of inflation that occurs in the UK, Denmark, Sweden etc, which are not Euro members. Scandinavian countries have had one of the lowest inflation rates in the EU for years. I believe they must stay within 1.5 % of the lowest inflation rate in the EU (perhaps the lowest 2-3 countries). Secondly, the 2 year currency stability rule could easily be reduced to one in these times. Even the stability pact was loosened due to the crisis.
"Time to give up their pride and fully join Europe." What's pride got to do with it? This is not a question of ego but what is best for the British. What funny caricature of the British do you have that you would say this? As for the charts, they don't look too healthy below 155. However, there is a chance that a bottoming pattern is forming -a double bottom or a H&S bottom -wishful thinking???
I am often in London and the people i talk to are divided on the issue. The media is pretty much against it, and the people pick that up. But most people don't want to dig into what the EU is all about and what the Euro can or cannot do for them. And the EU is certainly not helping in providing much public info about what it is. So they would vote no. They do like the pound, it is part of their history. It is what they know and trust. This is what happened in Ireland as well. They voted no on the Lisbon treaty, not because they didn't like it, but because they didn't know what it was about and they were happy with what they had. Some people are a bit reluctant to the EU, because they do not know what's in it for them. And then their national pride helps to make the decision for them. They stick with what they have and trust.
I think you mean 1.055. Indeed hourly charts indicate a possible bounce, but long term charts suggest that it would most likely end as a bounce.
If the Euro comes then it won't be good news for our wallets. Pretty much everyone selling anything will round prices UP. I reckon by an average of 10%. Remember, when you go on holiday and deal with another currency that you haven't got years of price experience with, you always get somewhat confused about the real cost. And this is especially so when you're out on the piss