ridethepig

Building longs as we approach the 76.4% retracement in EURGBP...

Long
FOREXCOM:EURGBP   Euro / British Pound
=> The heavy selling we have seen here as a result of the 'relief rally' in sterling after expectations of a second referendum entered the picture. This fairy tale is starting to exit the stage via the fire exit and we are heading back to reality.
=> This means that the odds of a no-deal Brexit outcome are going to once again take the spotlight and we are set for a bloodbath in sterling.
=> Here we can see EURGBP approaching the 76.4% retracement of the entire 2017 rally after breaking out the channel we made in 2018.
=> In our books we see this as a great buying opportunity for the cross as the Euro is offering great value for those in the UK.
=> The risk to our idea is if we break-down lower and close below this will imply that we are setting a more meaningful medium term top.
Comment: Finally we managed to get 0.853... Long positions filled and we are ready to start this next leg to the upside.
Trade active
Comment:

Comments

interesting,
Reply
lapin_eliott lapin_eliott
but it relies too heavily on having a new circus about the brexit this week end, if nothing bad and surprising is not announced this week end we do not see how the gbp could have the bloodbath it deserves
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