TECHNICALS: Hi traders, here we have a possible buy opportunity in the EUR/GBP pair. The formed a reversal pattern right at the 78.6% Fib level and returned inside the structural framework, signaling a fake breakout. The 1-hour chart shows a fresh higher high forming after a consolidation breakout. The pullback that is currently developing could provide a buying opportunity in the pair.
POSITIONING: Note that positioning in the EUR is still very strong compared to GBP according to the latest report. flows in the pound have been increasing overall.
INTEREST RATES: Yield differentials look neutral at the moment.
UPCOMING ECONOMIC REPORTS: BoE Meeting on Thursday.
== SUMMARY ==
We remain on EUR/GBP with a target around the lower 0.91 levels. Note that we only take a trade after all rules have been met.
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