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ridethepig | EURGBP Market Commentary 2020.02.13

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A weak session for EURGBP, soft hands continued to bring better sellers in from leveraged accounts and yet the important 0.8300x support still held. I am once again in BTFD mode as pound remains more vulnerable in the entire process as a result of financial services replacement.

Risk markets will put more pressure on GBP in general over the coming sessions. Here using dips to buy into with an end of year target at 0.95xx. BOE are already showing signs of distress with the cross below 0.853 which is key via rate differentials. A very technical flow as is usually the case with these cabinet reshuffles we get a retrace in the swing.

Adding this to the playbook at the close today with initial targets located at 0.8400, followed by 0.8425 and 0.8450. Invalidation comes into play with a daily close underneath 0.830x.

Good luck all those on the bid, same legs are playable in GBPUSD and GBPJPY in particular too. As usual thanks for keeping the support coming with likes and comments!

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Eyes on support right now for the open... losing it will call for reassessment in the view.

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