 Hello, welcome to this week's CMC Markets Currency Snapshot. This week we're going to be looking at the euro-pound currency pair. We're coming up to the UK elections, so the pound is very much in focus and the euro has been on a bit of a rally recently, so we want to see what the implication is for the euro-pound cross. So the UK electorate are hitting the polling booths today and there's a lot of uncertainty because we just don't quite know who's going to form a government. It seems like it's most likely going to be a coalition, but we don't again quite know who with and so one of the most exposed markets is the British pound. Now when you're trading against the US dollar, often it's the dollar that can dominate because it's the world reserve currency, so you can get a better feel as to the strength or weakness of the pound when trading against the euro. Now the euro is actually broken higher recently, both against the dollar and the pound and the pound has its own weakness because of the general election. So I've got three charts here just to say how the euro-pound is progressing and we might actually see that there is a long-term base being put in in the euro-pound and potentially substantially higher movement coming up. Now with the idea of multiple time frame analysis, I actually want to look at three charts here because like I mentioned, I think this potentially could be a longer term bottom in the euro-pound, so in order to determine that we'd first have to start with a monthly candlestick chart here. Now keeping it fairly simple, right at the bottom of this chart, this is what we could call a Morningstar candlestick pattern. Now you can see there's the down candle, then there's a candle with a long wick in the middle and then it's been followed up by a higher candle as the third one. Now that's a typical reversal candlestick pattern and it's happened right at the 0.7 level, the big round number in the euro-pound. Now switching over to the weekly chart, we can see this same pattern in more detail and what it looks like on a weekly chart is really a double bottom pattern where we've made a low at the 0.7 mark, tried to move through it again and failed and then pushed higher and there seems to be a breakout now of the neckline of this double bottom pattern and if we switch over now to the daily chart, we can see that the actual breakout took place yesterday on Wednesday of this week and it's moved through this 0.74 which is the neckline. So we've seen a culmination of timelines all pointing to a potential reversal of this long-term downtrend we've seen in the euro-pound currency pair. Now obviously keep in mind that the trend is still down and there's certain risks associated with trading against the trend but there are a few indications here that it could be about to reverse. Okay that's it for this week's currency snapshot with myself Jasper Lawler. Now we were looking at the euro-pound currency pair and there's a lot of factors involved here, not least the UK general election. Should we get some kind of shock results? Perhaps a labour majority when a coalition is expected, that could be a factor for weakening the pound a lot quicker than expected, maybe a majority of the conservatives would be a reason for strengthening the pound and that could undo some of the patterns we've been looking at here but certainly international factors involved as well, all prices, the euro, all factors that need to be watched to see how well this pattern in the euro-pound progresses.