Summer Markets - Trading in a Range [EUR/GBP]
Hello everyone,
Another week has started and it is time for me to share with you yet another weekly trading plan.
This week I will be looking at the EUR/GBP currency pair and its’ range that dates back to 2017. I review the Weekly, Daily and H4 time frames, where I define certain levels and make predictions of the future price movements. You can check all of that on our Youtube channel.
Also if you want to receive Live Signals you can join our Telegram channel.
Below I would like to define the zones in numbers, as well as present you a short Fundamental analysis for this week.
Zones and Levels:
Weekly Resistance Area - Top of the Range: 0.8985 - 0.8943
Weekly Support Area - Bottom of the Range: 0.8592 - 0.8658
Intraday Level 1: 0.8863 - 0.8836
Intraday Level 2: 0.8786 - 0.8760
Fundamental Analysis:
This week is filled with reports coming out both for the Eurozone and Great Britain, so volatility is expected!
Today we had a few reports for the Eurozone with High Importance, which came out with readings close to Expected or lower, showing the weakness of the Euro. Of course the GBP is not in great condition as well and that is why we did not see a strong move in either direction.
For the rest of the week we have 3 High importance reports coming out from Great Britain.
Thursday - August 2nd
11:00 GMT (14:00 Bulgarian time)
GBP Bank of England Bank Rate
A decision for the rates of the BoE is coming and expectancy is for the bank to raise the rates from 0.5% to 0.75%. Of course this is already being price in on the market, if not already priced in. I don’t expect to see any surprises here, so this is likely to give a boost to the GBP and further push down the EUR/GBP pair which will work in our favour.
GBP BoE Asset Purchase Target
The reading is expected to remain at 435b as the previous number. In case we see a different number, we might expect some short-term reversals.
GBP Bank of England Inflation Rate Report
Now this is something to look closely at. A report that will most likely cause strong volatility and also define the next few months of price movement. Keep it in mind and I would advise you to close part or your whole positions before the report.
By the end of the week we have a few more Medium importance reports, which you should take notice on, but I don’t believe them to be a reason for a reversal. Nevertheless we might experience some volatility, so check them out especially if you are going for day trading or scalping, as they might affect your trades.
Thats’ all from me! I hope you enjoyed my trading plan and I hope we will make some profits together this week.
Happy trading to all and may the pips be always in your favour! :)
Another week has started and it is time for me to share with you yet another weekly trading plan.
This week I will be looking at the EUR/GBP currency pair and its’ range that dates back to 2017. I review the Weekly, Daily and H4 time frames, where I define certain levels and make predictions of the future price movements. You can check all of that on our Youtube channel.
Also if you want to receive Live Signals you can join our Telegram channel.
Below I would like to define the zones in numbers, as well as present you a short Fundamental analysis for this week.
Zones and Levels:
Weekly Resistance Area - Top of the Range: 0.8985 - 0.8943
Weekly Support Area - Bottom of the Range: 0.8592 - 0.8658
Intraday Level 1: 0.8863 - 0.8836
Intraday Level 2: 0.8786 - 0.8760
Fundamental Analysis:
This week is filled with reports coming out both for the Eurozone and Great Britain, so volatility is expected!
Today we had a few reports for the Eurozone with High Importance, which came out with readings close to Expected or lower, showing the weakness of the Euro. Of course the GBP is not in great condition as well and that is why we did not see a strong move in either direction.
For the rest of the week we have 3 High importance reports coming out from Great Britain.
Thursday - August 2nd
11:00 GMT (14:00 Bulgarian time)
GBP Bank of England Bank Rate
A decision for the rates of the BoE is coming and expectancy is for the bank to raise the rates from 0.5% to 0.75%. Of course this is already being price in on the market, if not already priced in. I don’t expect to see any surprises here, so this is likely to give a boost to the GBP and further push down the EUR/GBP pair which will work in our favour.
GBP BoE Asset Purchase Target
The reading is expected to remain at 435b as the previous number. In case we see a different number, we might expect some short-term reversals.
GBP Bank of England Inflation Rate Report
Now this is something to look closely at. A report that will most likely cause strong volatility and also define the next few months of price movement. Keep it in mind and I would advise you to close part or your whole positions before the report.
By the end of the week we have a few more Medium importance reports, which you should take notice on, but I don’t believe them to be a reason for a reversal. Nevertheless we might experience some volatility, so check them out especially if you are going for day trading or scalping, as they might affect your trades.
Thats’ all from me! I hope you enjoyed my trading plan and I hope we will make some profits together this week.
Happy trading to all and may the pips be always in your favour! :)
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