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EURGBP Forecast And Midterm Technical Levels

EURGBP Forecast And Midterm Technical Levels

We have reached our midterm targets on EURGBP. Two trades closed with 300 pips.

EURGBP BAT AND SWAN

EURGBP BUTTERFLY

What’s Next?

Fundamentally: 

The positive developments in Brexit and the hawkish  speech by President Carney at the BOE meeting last week may continue the support Sterling and accelarate the bullish move.

What did Carney say at the BOE meeting?

  • Economy is getting warm
  • When the issue of Brexit is resolved, BoE may go rate hikes faster than the market’s expectations
  • We expect Brexit negotiations to be positive
  • As BOE, we are ready to take all necessary actions.

Technically:

The pair moved out of “Buy Zone ” and trading below the Ichimoku Cloud on the weekly chart. On the Daily Chart 0.87200 and 0.86900 supports are the key levels. The breakout of 0.88900 support would accelerate the bearish move. The midterm targets of the pair below 0.86900 are 0.86200 and 0.85500.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURGBP Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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