Decision Time For EUR/GBP

The $EURGBP is at a crossroads at this 0.8600 level.

EURGBP daily chart

Of particular interest is this zone between 0.8600 and 0.8570. It has been a buy zone when $EURGBP has traded above it and a sell zone when the pair has traded below. As the $EURGBP entered the zone last week, it was met with bids as the pair closed the week at 0.8609. Now as trading kicks off in this new week, price has slipped back into this zone. Where will $EURGBP go from here? With a very light economic calendar this week, this pair will be particularly driven by the UK GDP and German IFO releases. Either the bulls return or the bears step in.

Trade what you see.

 

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

comments powered by Disqus
Faith Might FX Blog