Building longs as we approach the 76.4% retracement in EURGBP...
Updated
=> The heavy selling we have seen here as a result of the 'relief rally' in sterling after expectations of a second referendum entered the picture. This fairy tale is starting to exit the stage via the fire exit and we are heading back to reality.
=> This means that the odds of a no-deal Brexit outcome are going to once again take the spotlight and we are set for a bloodbath in sterling.
=> Here we can see EURGBP approaching the 76.4% retracement of the entire 2017 rally after breaking out the channel we made in 2018.
=> In our books we see this as a great buying opportunity for the cross as the Euro is offering great value for those in the UK.
=> The risk to our idea is if we break-down lower and close below this will imply that we are setting a more meaningful medium term top.
=> This means that the odds of a no-deal Brexit outcome are going to once again take the spotlight and we are set for a bloodbath in sterling.
=> Here we can see EURGBP approaching the 76.4% retracement of the entire 2017 rally after breaking out the channel we made in 2018.
=> In our books we see this as a great buying opportunity for the cross as the Euro is offering great value for those in the UK.
=> The risk to our idea is if we break-down lower and close below this will imply that we are setting a more meaningful medium term top.
Note
Finally we managed to get 0.853... Long positions filled and we are ready to start this next leg to the upside.Trade active
Note
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