Market Outlook and Analysis (Sept2019 Week4)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
The MPC voted 0-0-9 to keep the official bank rates unchanged for the month of September. On the Brexit front, there were lack of any solid development, but this has not stopped the market from buying the pound, hoping for some positive news out of the Brexit negotiations.
EURGBP D1 Chart: At a Potential support?
The Daily downward momentum has been strong since the middle of August. Currently seem to have reached a Support zone formed by the February high. I would want to see a reversal pattern before I would go long. Let’s zoom into the lower time frame to evaluate.
EURGBP H4 Chart: Potential Reversal in the coming week
A potential falling wedge forming at the Support zone. Looks primed for a reversal. I will be monitoring this trade closely. The indicators MACD and MACD-H all showing a Bullish Divergence. Hence, giving me a bullish bias this coming trading week.
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