Market Outlook and Analysis (Oct2019 Week4)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
Boris Johnson has made progress with the EU representatives, now the main potential stumbling block will be the British Parliament sitting on a Saturday to debate and vote on the Brexit deal. Every vote will count towards the success of the negotiations.
Update (Sunday): The MPs voted 322 to 306 to block a ‘No Deal” Brexit, calling for Boris Johnson to ask for another extension until 31 Jan 2020.
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.
EURGBP H4 Chart: Potential Bounce from the Support Levels
The pair has been supported by the 0.86 handle. The classical Falling Wedge showing us that there could be a potential quick bounce. The bounce could probably reach the 0.88 level for a 200 pip recovery.
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