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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