It's every-man for himself as FED & BOE cancels panel chat with ECB

The writing is on the wall folks….it’s every-man for himself!! The upcoming ECB, BOE & FED heads were due to hold a panel chat following the ECB’s annual forum on central banking, but that has now been cancelled.

So what does this mean? Well we’ll find out what Super Mario thinks in roughly 8 hours time when he hits the microphones. I’d tell you what wouldn’t it be a mess if Mario Draghi resigned!!!

The currencies at the moment are waiting for direction from the central banks. All they are getting at the moment is ‘we’ll act’ if needed. But that only lasts so long before traders whale in and start throwing the kitchen sink at it.

Mario is the first one up and possibly the most important as the ECB is the controlling body of the EU. We all know Europe has unsustainable debt so traders are looking to sell on rallies or on weakness.

It’s time to really focus in on these technical & Fibonacci levels so prepare for entries because the opportunities wont be around long.

EURUSD 1.0950 looks a key pivot level at the moment but I think there’s a better opportunity in EURGBP.

A break of 0.8366 has the next target of 0.8706 before the final run up to 2008 highs of 0.9803. At this point expect the unexpected so this is very much on the cards.

It is going to take a melt down in the UK though but I think it’s already underway with no one coming forward to take over Cameron’s post and S & P’s downgrading the UK’s last triple rating.

The political fallout in the UK could be the catalyst for a sustained EURGBP move to 100.00.

If Mario remains steadfast then expect all the pressure to be applied to the UK and that’s when this move will start. So watch Mario Draghi’s speech today very closely.

It’s all about timing from here…so make sure your charts are tuned up so you can make split second decision!

Good Luck