justatrader

EURGBP - 0.74 Support likely to be tested on Brexit deal

FX:EURGBP   Euro / British Pound
110 0 8
Following the UK's announcement accepting the deal and June 23rd being set for holding the referendum, the EURGBP             has the makings of a perfect match of both fundamentals and technicals. Notes on chart on the technicals.

Short term GBP positive should see a correction to the downside into ECB's March meeting. Going by recent (lack of dovish) comments from Draghi & Co. perhaps the ECB might be looking at a 'shock and awe' type of action in March.

Fed's rate hike plans for March is still iffy so ECB will need to do more this time around
Early positioning into EURGBP             could see a dip to 0.74 and to 0.72 being more optimistic

Next ECB meeting is 10/03, nearly 3 weeks from now.
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