Market Outlook and Analysis (Nov2019 Week1)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
The series of development were coming out of the Brexit negotiations the previous 1-2weeks. In summary, below were the sequence of events that occurred:
- PM Boris Johnson has made progress with the EU representatives
- The UK Parliament agreed to the Brexit Terms but delayed the implementation, asking for an extension
- The EU representatives agreed on the extension, but will decide on the amount of time to be given next week. The extension will probably be shorter that the requested 3months
- PM Johnson will be calling for a snap election this coming week but could be unlikely he will get the support to proceed
Technical Analysis – EURGBP
EURGBP D1 Chart: Bullish ABCD Pattern completing at Support
The Daily Chart is showing an ABCD Pattern completion at a Support Zone around the 0.8470/0.8500 levels. At these levels, buyers would be interested to jump into the market. Nothing much changed from my previous week’s outlook
EURGBP H4 Chart: Are we seeing a Bear Flag for a continuation down?
Could we be seeing a Bear Flag formation, a Continuation Pattern, down towards the recent lows or even down to the completion of the ABCD Pattern on the Daily Charts.
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