Market Outlook and Analysis (Nov2019 Week2)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
Halloween came and gone. Opps… I mean the Brexit deadline came and gone but the UK is still in the EU. The EU has yet again extended the deadline, this time to the 31st Jan 2020. The UK will be going through an election on the 12th Dec 2019 to garner a stable majority to work on the Brexit process.
This was the same situation when Theresa May was ousted from her post as the UK PM.
Mario Draghi, widely regarded at the person who brought Europe out of the crisis in 2012 has stepped down as the ECB Chairman. He will be replaced by Christine Lagarde, who was the IMF Chief before taking this role. Lagarde’s first speech will be on the 5 Nov.
Technical Analysis – EURGBP
EURGBP D1 Chart: Bullish ABCD Pattern completing at Support (nothing much change)
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 Triangle for a continuation down?
Aligned with the potential of the GBP strengthening, EURGBP could easily drop to complete the Daily ABCD pattern. This 0.8575 support is now very critical to watch.
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