EUR/GBP: Trading Brexit ๐
Hello traders, happy Wednesday! Time to make some money.
Today's Trade of the Day is EUR/GBP. With Brexit pessimism rising, I expect further weakness in the pound during the week.
Here is the complete analysis.
TECHNICALS:
The pair broke above a long-term falling channel, but big players will likely drain liquidity to get into the market at more favorable prices. A roll reversal to the lower 0.90xx levels could provide a buying opportunity.
POSITIONING:
Hedge funds increased their bearish bets slightly in the previous week, but there is still room to the upside until we reach a 52-week extreme positioning. Currently 40k contracts shorts, extreme positioning at 60k. More downside potential for the pound.
INTEREST RATES:
2-year yield differentials have still to catch up with the recent rise in the exchange rate.
FUNDAMENTALS:
EUโs chief negotiator Barnier says next 36 hours will be critical to fate of negotiations with UK.
== SUMMARY ==
BUY LIMIT @ 0.9020
Final Take-Profit @ 0.9135
SL @ 0.8980
R/R: 3:1
Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
Today's Trade of the Day is EUR/GBP. With Brexit pessimism rising, I expect further weakness in the pound during the week.
Here is the complete analysis.
TECHNICALS:
The pair broke above a long-term falling channel, but big players will likely drain liquidity to get into the market at more favorable prices. A roll reversal to the lower 0.90xx levels could provide a buying opportunity.
POSITIONING:
Hedge funds increased their bearish bets slightly in the previous week, but there is still room to the upside until we reach a 52-week extreme positioning. Currently 40k contracts shorts, extreme positioning at 60k. More downside potential for the pound.
INTEREST RATES:
2-year yield differentials have still to catch up with the recent rise in the exchange rate.
FUNDAMENTALS:
EUโs chief negotiator Barnier says next 36 hours will be critical to fate of negotiations with UK.
== SUMMARY ==
BUY LIMIT @ 0.9020
Final Take-Profit @ 0.9135
SL @ 0.8980
R/R: 3:1
Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
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