📌 ridethepig | EURGBP Finding a Floor
After the preparatory manoeuvre, passive sellers are keeping a close eye on the 0.882x ABC target and already starting to cover. Sharp Buyers were aware of this and made the transition to attempt a base formation. With ECB / FED now cleared there is the customary inventiveness to continue with the rally. What we are trading here is the expectation of BOE cuts and calling bluff on ECB holding pattern.
On the GBP side, we have been given a data from Johnson for March where kids will return back to school. Taking it with a pinch of salt once more and recommend resisting temptation to park in GBP. BOE has room to cut rates and with Brexit impact starting to enter into play, the flows will become clearer. Technically taking 0.893x will open the floodgates for a momentum gambit towards the highs, while to the downside 0.887x/0.882x area will continue to be the loading zone.
Thanks as usual for keeping the feedback coming 👍 or 👎
After the preparatory manoeuvre, passive sellers are keeping a close eye on the 0.882x ABC target and already starting to cover. Sharp Buyers were aware of this and made the transition to attempt a base formation. With ECB / FED now cleared there is the customary inventiveness to continue with the rally. What we are trading here is the expectation of BOE cuts and calling bluff on ECB holding pattern.
On the GBP side, we have been given a data from Johnson for March where kids will return back to school. Taking it with a pinch of salt once more and recommend resisting temptation to park in GBP. BOE has room to cut rates and with Brexit impact starting to enter into play, the flows will become clearer. Technically taking 0.893x will open the floodgates for a momentum gambit towards the highs, while to the downside 0.887x/0.882x area will continue to be the loading zone.
Thanks as usual for keeping the feedback coming 👍 or 👎
