Technical Analysis:
I decided to go long on EURGBP today based on some promising signals I saw on the 30-minute timeframe. The price broke the downtrend momentum with a solid bullish candle closing at 0.85474, which gave me confidence in a potential reversal. I intend to enter my buy position at 0.85394, anticipating further upward movement there after.
Fundamental Analysis:
I also considered some fundamental factors supporting my decision. Positive economic news from the Eurozone, like strong GDP growth or improving consumer confidence, could boost the Euro against the Pound. Additionally, any progress in Brexit negotiations that weakens the Pound would work in my favor. Monitoring the policies of the European Central Bank (ECB) and the Bank of England (BoE) is crucial too. Diverging policies, such as potential interest rate hikes by the ECB while the BoE stays dovish, could strengthen my long position on EURGBP.
Overall Assessment:
Taking all this into account, I'm feeling optimistic about my long position on EURGBP. While technical signals indicate a bullish trend, it's essential to stay updated on relevant economic data and geopolitical events that could influence the market. I'll be keeping a close eye on my position and managing risk accordingly, aiming for my target of 0.85861.
I decided to go long on EURGBP today based on some promising signals I saw on the 30-minute timeframe. The price broke the downtrend momentum with a solid bullish candle closing at 0.85474, which gave me confidence in a potential reversal. I intend to enter my buy position at 0.85394, anticipating further upward movement there after.
Fundamental Analysis:
I also considered some fundamental factors supporting my decision. Positive economic news from the Eurozone, like strong GDP growth or improving consumer confidence, could boost the Euro against the Pound. Additionally, any progress in Brexit negotiations that weakens the Pound would work in my favor. Monitoring the policies of the European Central Bank (ECB) and the Bank of England (BoE) is crucial too. Diverging policies, such as potential interest rate hikes by the ECB while the BoE stays dovish, could strengthen my long position on EURGBP.
Overall Assessment:
Taking all this into account, I'm feeling optimistic about my long position on EURGBP. While technical signals indicate a bullish trend, it's essential to stay updated on relevant economic data and geopolitical events that could influence the market. I'll be keeping a close eye on my position and managing risk accordingly, aiming for my target of 0.85861.