Day trade
/
Sell
Trade view / 19 June 2017 at 6:31 GMT

EURGBP looks set to extend lower as Brexit talks begin

Analyst / PIA First
United Kingdom
Instrument: EURGBP
Price target: 0.8665
Market price: 0.8670
Background

Monthly – trading in EURGBP has been mixed for the past 10 months. The Marabuzo level (mid-point from open and close) from the sharp losses in November 2016 is located at 0.8716. This has capped buying interest twice this year. Reverse trendline support is seen at 0.7890 and is the prime long-term support.
EURGBP M
Source: Saxo Bank

Daily – An AB=CD corrective formation was completed at 0.8860. This could also be seen as a potential right shoulder of a large head-and-shoulders pattern (bearish).
EURGBP D Source: Saxo Bank 

Intraday (six-hour) – Stalls just in front of the 261.8% extension level of 0.8880 (from 0.8313-0.8530). The last bullish five-wave sequence (Elliott wave) is now assessed as being complete.
EURGBP 6
Source: Saxo Bank

Intraday (one-hour) – Broken out of the head-and-shoulders formation to the downside. The reverse trendline resistance has been tested overnight and held. The measured move target for the breakout is at 0.8665. We have the GAP open from the UK general election results at 0.8654. This is our first target area.
EURGBP 1 Source: Saxo Bank 

Management and risk description

Parameters

Entry: looking to sell at 0.8780

Stop: 0.8820

Target: 0.8665 and 0.8300

Time horizon: today to trigger; targets over the medium term


— Edited by John Acher

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
19 June
Harrison Dauglas Harrison Dauglas
ooooops! i missed the deal. hehehehe
19 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I think it will be that choppy, there will be ample chances to jump on
19 June
Harrison Dauglas Harrison Dauglas
ok...regards
19 June
Harrison Dauglas Harrison Dauglas
i will be happy seeing you
r updates as the talk begins.... i mean possible development and some other things that may call for terminating our open position
19 June
usxau usxau
Good morning gents! Hope you all had a great weekend! ;) Still holding my eurgbp short from last week. Lets hope we will break the 0.8700 lvl!
19 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
morning Sabrina... good luck this week
19 June
Andrew Perkins Andrew Perkins
GM all sweating in a metal office today so not to happy lite trading until back behind pc .good luck all
19 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
and you Andrew .. have a good week pal
19 June
Cesime Cesime
Hi all and Ian
Ian what do you think of gbp/usd long ?
19 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I would only buy on dips ... EURGBP is the favoured cross for GBP strength. I think we could see 1.2650 if we break the wedge
19 June
Cesime Cesime
I hope eur/gbp triggers my short at 2780
the same goes to eurusd
19 June
Cesime Cesime
my gu is a midterm trade to 1.2900/25
19 June
Cesime Cesime
2780=8780 sorry

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