ridethepig

A Technical Portrait of EURGBP by 'ridethepig'

Long
FOREXCOM:EURGBP   Euro / British Pound
A good time for an update to the H4 chart here; we have been tracking the break of this downward channel to mark an end to the retrace and finally we got it as expected. Now it is time to begin loading longs again; an impulsive leg in nature is cooked and with all the Brexit cards now turned "face-up", we know fundamentals are on our side.

We traded the Sterling "spring cleaning" live here earlier in the year...


...as well the light summery grind ....


and now it is time for the Autumnal annihilation.

The world has gone crazy, investors now buy bonds not for yields, rather for capital appreciation ... if you wanted yields you need to go to equities. Hedging was the tricky part, risk-off you bid bonds trade escalations, CB intervention etc then you add Brexit into the cocktail and it just becomes a must to own Fixed Income. So what does this all mean for Sterling? To put simply, no one wants to be holding the short-straw as we enter into no-deal territory.

Not just a pig... a Tudor Banquet.


Comment: Heads up... we are breaking the key 0.91258

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Comments

Nice analysis. "a Tudor Banquet" :)
+2 Reply
Thank you but bit confused with your target price as we have clear rejection of 93 area with perfectly looking monthly bearish pinbar.
Reply
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