GBP to get Honeymoon bounce with New PM next week?
Buying GBP against the EUR as the extreme top end of a multiyear high, EUR/GBP can move quickly but normally reverses sharply when highs are put in and these levels have held for multiple years.
EUR is also weak so this pair is a safer option than the faster moving GBP/USD and GBP/JPY which if we are too early or wrong can get hard to handle. This pair is running into topside extention highs and lives comfortably at 0.8500.
Next week new PM annouced on Monday and we looking for a relative bounce as honeymoon period for the new PM to annouce a new direction for the UK.
EUR is also weak so this pair is a safer option than the faster moving GBP/USD and GBP/JPY which if we are too early or wrong can get hard to handle. This pair is running into topside extention highs and lives comfortably at 0.8500.
Next week new PM annouced on Monday and we looking for a relative bounce as honeymoon period for the new PM to annouce a new direction for the UK.
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