See my previous idea on EURGBP, where we predicted the bounce up and huge drop almost perfectly, as we initially bounced off support and then retested with a strong break to the downside and continuation of the larger timeframe downtrend, testing the October lows.
In the initial idea we mentioned continuing down to test the November lows next.
I do believe this is still the case. Price has jumped off this support area twice now on the 2H charts, showing buyers are jumping in and confirming this as an area of demand. This could lead to choppiness in this area, but the overall trend is certainly bearish.
I've also mentioned elsewhere the possibility of further COVID restrictions in England which seem inevitable and imminent - it's highly likely that Boris Johnson will announce new restrictions this week before the Christmas break ends. See my post tracking the GBP reactions to COVID restrictions to see that I am bullish GBP in the event of further restrictions, and while such an announcement may bring with it volatility I do believe it will drive EURGBP to those November lows and beyond.
This is NOT financial advice. Do your own research and treat your capital responsibly.
Like and comment, I'm happy to discuss further 👌
In the initial idea we mentioned continuing down to test the November lows next.
I do believe this is still the case. Price has jumped off this support area twice now on the 2H charts, showing buyers are jumping in and confirming this as an area of demand. This could lead to choppiness in this area, but the overall trend is certainly bearish.
I've also mentioned elsewhere the possibility of further COVID restrictions in England which seem inevitable and imminent - it's highly likely that Boris Johnson will announce new restrictions this week before the Christmas break ends. See my post tracking the GBP reactions to COVID restrictions to see that I am bullish GBP in the event of further restrictions, and while such an announcement may bring with it volatility I do believe it will drive EURGBP to those November lows and beyond.
This is NOT financial advice. Do your own research and treat your capital responsibly.
Like and comment, I'm happy to discuss further 👌
Trade closed: target reached:
We've broken through the November lows mentioned as the target in both ideas and consider that a highly successful trade idea.
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