On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
EUR/GBP: resistance defines everything
2020-07-17 • Updated
EUR/GBP is trying to break higher after the consolidation that took the major part of this week. The big decision about the European recovery fund is getting nearer. Notice that there is a bearish resistance line going through the 2020 highs around 0.9115. A confirmation of the breakout to the upside will be necessary. The advance above 0.9115 will let the uptrend continue towards the June high at 0.9175 – be careful to wait for confirmation of a breakout. The overall outlook will remain positive as long as the price is above 0.9050. The slide below this point will spoil the correction and open the way down to 0.9015/00.
Trades idea for EUR/GBP
BUY 0.9120; TP 0.9170; SL 1.9105
SELL 0.9045; TP 0.9015; SL 0.9055
The performance of the British pound against other majors has grabbed a lot of attention during the last couple of weeks.
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
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