Market Outlook and Analysis (Nov2019 Week3)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
If there is no UK-EU deal struck by March 2020, the trades between the 2 regions will revert to the WTO rules. According to Roberto Azevedo, the current director general, of the WTO, about half of the UK’s trades are already on the WTO terms. Hence it will probably NOT be a disaster.
Moody’s has warned that they might cut the ratings on the UK sovereign debts again in the Brexit paralysis. All eyes are on the 12 Dec UK elections to break the deadlock of the Brexit negotiations.
The ECB are now working on the technical aspects of a digital currency and would be presenting the efforts to the European Union Governments soon.
Technical Analysis – EURGBP
EURGBP D1 Chart: Bullish ABCD Pattern completing at Support (nothing much change)
The Daily Chart is showing an ABCD Pattern completion at a Support Zone around the 0.8470/0.8500 levels. We have been stuck in this consolidation mode for over 3 weeks. Patience is the name of the trading game, after every consolidation there will come the price expansion move again (and vice versa).
EURGBP H4 Chart: Two potential Trade Plans
The triangle pattern could present 2 possibilities (i) break down or a (ii) break above to complete the Bearish Bat. Will monitor this pair to trade the opportunities that are presented to me by the Charts.
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