ridethepig | EURGBP Market Commentary 2020.01.10
Updated
By now there should be no surprises with BOE coming out on the wires at the 0.853x which was BOE stress level on the cross via Hard & Extreme Brexit scenarios (both still on the table).
On the Euro side, selling has started to run out of steam and here the choice is between a breakout or more inside range trading. The first allows bulls to take charge once more; though the second allows room for more loading in the medium-term Pound shorts.
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We are getting closer to protecting the highs in Pound by inserting heavy support in EURGBP and protecting the lows; here the natural targets come in at 0.872x with extensions 0.90xx and 0.95xx for those trading the macro swing.
The following well-know chart was played out before in EURGBP and this is no less imaginative:
We shall close this chapter with a really unnatural looking move, this theatrical gesture from Carney yesterday - I mean has worked; Pound bulls want to refute it forthwith, but so far it is turning out to be very difficult. Eyes on the Pound flush for Brexit impact.
Thanks as usual for keeping the likes and support coming, drop a line with any ideas or charts...
On the Euro side, selling has started to run out of steam and here the choice is between a breakout or more inside range trading. The first allows bulls to take charge once more; though the second allows room for more loading in the medium-term Pound shorts.
We are getting closer to protecting the highs in Pound by inserting heavy support in EURGBP and protecting the lows; here the natural targets come in at 0.872x with extensions 0.90xx and 0.95xx for those trading the macro swing.
The following well-know chart was played out before in EURGBP and this is no less imaginative:
We shall close this chapter with a really unnatural looking move, this theatrical gesture from Carney yesterday - I mean has worked; Pound bulls want to refute it forthwith, but so far it is turning out to be very difficult. Eyes on the Pound flush for Brexit impact.
Thanks as usual for keeping the likes and support coming, drop a line with any ideas or charts...
Trade active
We got the break...Trade closed: target reached
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