Like many euro-pairs, EURGBP dropped in price to close the week. It failed to reach a ´higher high´ and the price kept trading within the channel, reconfirming the general trend.
On the short term, I believe the price will drop some more, as the € weakened due to Draghi´s language last Friday (he stated that more needs to be done to raise inflation). If this pair would break the support line, its price could even become the lowest since 2.5 years, which is certainly possible!
I will short this pair on Monday and I expect some volatility during Carney´s speech Tuesday (25) 11:00 CET.
On the short term, I believe the price will drop some more, as the € weakened due to Draghi´s language last Friday (he stated that more needs to be done to raise inflation). If this pair would break the support line, its price could even become the lowest since 2.5 years, which is certainly possible!
I will short this pair on Monday and I expect some volatility during Carney´s speech Tuesday (25) 11:00 CET.
You don´t need to be a weatherman to know which way the wind blows - B. Dylan