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EURGBP Forecast and Midterm Trade Idea Update: TP2 Reached 80 Pips

EURGBP Forecast and Midterm Trade Idea

Latest News encouraging the GBP Bulls.

CNBC: “U.K. Prime Minister Theresa May is reportedly working on a proposal that could see her seek an all-U.K. customs union with the European Union and has received the tacit backing of Ireland for such a post-Brexit deal, the Financial Times said Thursday.
The proposal could take effect if no other solution to the Irish border issue is found.
The U.K. could stay within a customs union until a U.K./EU trade deal is finalized.”

The issue of Italy seems to continue to be a headache of the EU. The fact that Italy’s budget plan is not based on very realistic grounds may continue to create problems for the Euro. The meeting in Brussels will be decisive.

Technical Part:

The pair is trading below all main moving avarages on the daily chart. An inverse head and shoulders pattern completed on the daily chart. The formation will continue to work as long as the pair holds below 0.89200.

Our midterm tradin plan is to use throwbacks as selling opportunities.

Our Targets:

0.88000, 0.87500, 0.86790 and 0.86300

Our Stop Loss: Daily closing above 0.89200

Update: TP2 Reached. 80 Pips. We keep our short positions. 

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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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