Trade Idea - EURGBP
EURGBP rallied to just shy of its 200-day SMA. Better risk sentiment today has led to some selling toward the 0.85 round number.
The 200-day SMA resistance as well as the upper trend line of the descending channel has been a key line in the sand which has seen rallies stumble.
If EURGBP pushes higher above the 200-day SMA it could move towards 0.86-0.865 as stops are triggered placed above the 200-day SMA. If omicron turns out to be less important than feared, EURGBP could move lower towards 0.84. Ben Broadbent’s neutral speech today didn’t drop any hints on what the BoE may do at their December meeting.
The 200-day SMA resistance as well as the upper trend line of the descending channel has been a key line in the sand which has seen rallies stumble.
If EURGBP pushes higher above the 200-day SMA it could move towards 0.86-0.865 as stops are triggered placed above the 200-day SMA. If omicron turns out to be less important than feared, EURGBP could move lower towards 0.84. Ben Broadbent’s neutral speech today didn’t drop any hints on what the BoE may do at their December meeting.
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