[CLOSED +1 pip] EUR/GBP Trade Plan: The Chunnel May Struggle to Maintain 0.86
EUR/GBP Trade Plan
DERBYSHIRE GB / JUNE 22nd, 2023 - This is the EUR/GBP trade plan and contains the go to market strategy.
Trade Opportunity
When comparing the outlook of the Euro and the Pound, it has been identified that the EUR/GBP may depreciate over the short term. This is anticipated as a result of investors seeking the higher rates that the Bank of England will need to maintain in order to combat sticky inflation.
Technical Evaluation
The EUR/GBP is currently trading in the £0.86 area which is:
In the same area as the the short-term (50-day) average at £0.86
100 pips below the medium-term (100-day) at £0.87
100 pips above the long-term (200-day) average at £0.87
Research suggests that the value of the EUR/GBP at this time is to stay below the £0.87 area.
EUR/GBP Trade Plan
The EUR/GBP trade plan is to sell from levels above 0.86 with stop loss above 0.87 and profits to be considered in the 0.85 area.
Gavin Pearson
Retail trader since 2008
Specialises in forex G7 currencies
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