Market Outlook and Analysis (Oct2019 Week1)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
As the clock ticks down towards the 31st Oct deadline, the market is becoming less optimistic that the UK government can negotiate a deal. The idea of a possible ‘No Deal’ scenario is alive.
The Euro Zone was bombarded by a slew of poorer than expected Manufacturing and Services figures last week. Then the pair started to strengthen towards the end of the week.
Technical Analysis – EURGBP
EURGBP H4 Chart: (Trade Review) – Falling Wedge at Buy Zone, running +64pips profit.
From last week’s analysis, the pair approached a Buy Zone with a falling Wedge formation. As it broke above to the upside for a long trade. Currently trade is sitting on a +64pips profit.
With the uncertainty of the Euro Zone and The UK government, it would be prudent to protect your positions by minimally moving Stop Loss to Entry. Will continue to protect profits along the way.
EURGBP D1 Chart: Bouncing off Support
The pair bounced off the Support Zone, forming a falling wedge as it bounced up. This gave me the additional confirmation to be bullish for this pair. The focus will be to go long on any retracement.
EURGBP H4 Chart: Bullish Sentiment, buying on dips
The bounce off the Support Zone showed that the bulls a back in the market for this pair. I would be looking for buying on dips to any minor support levels.
A Special Invitation to you
Calling out to those of you who are based here in Singapore. We are running a 3-hr Workshop on the 10th October (7pm). Best suited for people who are open to explore Forex Trading, currently trading but still not getting the results your desire and for those who wants to make a difference in their Financial Goals.
Register HERE today, bring your friend whom you think will benefit from this session. Growing our Trading Community together.
September has been an amazing month for us, and expecting October to be even better.