Market Outlook and Analysis (Oct2019 Week3)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
On Thursday, talks between the British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar found a path towards a possible deal. This caused the GBP to rally hard. The optimism is guarded as negotiators will still have to sort out the details.
Intense Brexit talks between the UK and EU officials will continue through the weekend with the aim of having a solid proposal by the EU summit on the 17th and 18th Oct. Any potential agreement has to be signed off by all 27 EU members.
Technical Analysis – EURGBP
EURGBP H4 Chart: (Trade Review) – Trade hit protective stops (+0pips)
After taking profits at TP1 (+94pips), the remaining positions SL has been shifted to Entry Point, making it a risk-free trade. Those long positions eventually triggered the protective stops (+0pips). All out of this trade.
EURGBP D1 Chart: Potential Bullish Crab completing lower
The charts are showing is a Bullish Crab pattern potentially completing slightly lower. Caution is in the air as we know that the Brexit negotiations are still on going and has reached a very critical stage. Any news from the political arena could easily sway this EURGBP currency pair.
EURGBP H4 Chart: Heading towards the Bullish Crab PRZ
Expecting the pair to go lower to complete the Bullish Crab Pattern. There could be two possible paths (i) or (ii) towards the PRZ.
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