EURGBP – Still buying on back of weak pound
There was limited net movement in EURGBP last week. In fact three of the five days posted minimal movement with Tuesday’s strong gains offset by sellers the next day. This ‘Doji’ pattern does highlight a degree of investor uncertainty at current levels so analysis has to be made with caution. But with Keltner channels remaining positive, and gains of the previous 5 weeks in the background, we continue to look for opportunities to buy this cross this week.
Management and risk description
A move to 0.9078 means the stop can be raised to break even or better.
Entry: Buy in 0.9005/15 area and any 0.8966 dip
Stop: 0.8890 offered
Target: 0.9078 and 0.9119
Time horizon: This week, ending Friday at noon GMT
Demand temporarily stalled:
— Edited by Clare MacCarthy
Non-independent investment research disclaimer applies. Read more