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TECHNICALS: Hi traders, here we have a possible buy opportunity in the EUR/GBP pair. The daily chart formed a bullish reversal pattern right at the 78.6% Fib level and returned inside the structural framework, signaling a fake breakout. The 1-hour chart shows a fresh higher high forming after a consolidation breakout. The pullback that is currently developing could provide a buying opportunity in the pair.
POSITIONING: Note that bullish positioning in the EUR is still very strong compared to GBP according to the latest CoT report. Bearish flows in the pound have been increasing overall.
INTEREST RATES: Yield differentials look neutral at the moment.
UPCOMING ECONOMIC REPORTS: BoE Monetary Policy Meeting on Thursday.
== SUMMARY ==
We remain bullish on EUR/GBP with a target around the lower 0.91 levels. Note that we only take a trade after all rules have been met.
TECHNICALS: Hi traders, here we have a possible buy opportunity in the EUR/GBP pair. The daily chart formed a bullish reversal pattern right at the 78.6% Fib level and returned inside the structural framework, signaling a fake breakout. The 1-hour chart shows a fresh higher high forming after a consolidation breakout. The pullback that is currently developing could provide a buying opportunity in the pair.
POSITIONING: Note that bullish positioning in the EUR is still very strong compared to GBP according to the latest CoT report. Bearish flows in the pound have been increasing overall.
INTEREST RATES: Yield differentials look neutral at the moment.
UPCOMING ECONOMIC REPORTS: BoE Monetary Policy Meeting on Thursday.
== SUMMARY ==
We remain bullish on EUR/GBP with a target around the lower 0.91 levels. Note that we only take a trade after all rules have been met.
