ridethepig | EURGBP Market Commentary 2020.09.16
📌 A quick update here for those trading the flows in EURGBP (yes a change of scenery from the cable battlefield).
To maintain the uptrend buyers must defend on their outpost.
Rightly so, this is a tempting support level to buy as buyers have to prevent the elegant threat from sellers to breakdown and reclaim the 0.90xx handle. In spite of Brexit, the main impact comes on GBP rather than EUR and for those reasons this leg is still being driven from the overarching Pound flows.
Another three barrel bluff from Johnson and we are at the mercy to the House of Lords although unlikely they can defend this one. No-deal Brexit looks certain, the cross here can launch to the topside in a +/- 10% move as sterling has to weaken. Adding longs on dips into 0.915x/0.913x for the swing into 0.931x and beyond.
Thanks as usual for keeping the feedback coming 👍 or 👎
To maintain the uptrend buyers must defend on their outpost.
Rightly so, this is a tempting support level to buy as buyers have to prevent the elegant threat from sellers to breakdown and reclaim the 0.90xx handle. In spite of Brexit, the main impact comes on GBP rather than EUR and for those reasons this leg is still being driven from the overarching Pound flows.
Another three barrel bluff from Johnson and we are at the mercy to the House of Lords although unlikely they can defend this one. No-deal Brexit looks certain, the cross here can launch to the topside in a +/- 10% move as sterling has to weaken. Adding longs on dips into 0.915x/0.913x for the swing into 0.931x and beyond.
Thanks as usual for keeping the feedback coming 👍 or 👎
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