Shorting EURGBP at 0.8368 after this morning's data
200 Hourly EMA providing technical resistance
Running into a cluster of previous volume areas
Overall recent trend is still bearish .
Despite the data this morning giving GBP a push lower , this move appears way too aggressive for the data and likely more position covering than fundamental given that :
Bank of England still expect inflation to peak at 3.75% in Q3
Energy , Tarriffs and general uncertainty in the market
Some analyst still calling for 4% in April and May
I think perhaps a high probability reversal here from the overstretch -as always I'll look for a quick trade with good risk reward .
Stop 0.8392
Entry 0.8368
Target 0.8328
E.
200 Hourly EMA providing technical resistance
Running into a cluster of previous volume areas
Overall recent trend is still bearish .
Despite the data this morning giving GBP a push lower , this move appears way too aggressive for the data and likely more position covering than fundamental given that :
Bank of England still expect inflation to peak at 3.75% in Q3
Energy , Tarriffs and general uncertainty in the market
Some analyst still calling for 4% in April and May
I think perhaps a high probability reversal here from the overstretch -as always I'll look for a quick trade with good risk reward .
Stop 0.8392
Entry 0.8368
Target 0.8328
E.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.