Hey Traders, in today's trading session, our focus is on the EURGBP currency pair, specifically looking for a favorable buying opportunity around the 0.85750 zone. The recent price action of EURGBP has been showing a downtrend, but it has successfully broken out of that trend. At present, the pair is undergoing a correction phase, and it is nearing a critical area of support and resistance at 0.85750.
From a fundamental standpoint, we are closely monitoring potential short positions on the GBP in anticipation of the upcoming Bank of England rate decision and any accompanying forward guidance. The GBP is showing signs of being overbought, which could potentially lead to a reversal in its current strength. This development could further support our interest in considering a long position on EURGBP.
To summarize, we are closely observing EURGBP for a buying opportunity around the 0.85750 zone due to the recent breakout from its downtrend. Additionally, we are keeping an eye on potential GBP short positions given the impending BoE rate decision and the perceived overbought conditions of the GBP.
Trade safe. Joe.
From a fundamental standpoint, we are closely monitoring potential short positions on the GBP in anticipation of the upcoming Bank of England rate decision and any accompanying forward guidance. The GBP is showing signs of being overbought, which could potentially lead to a reversal in its current strength. This development could further support our interest in considering a long position on EURGBP.
To summarize, we are closely observing EURGBP for a buying opportunity around the 0.85750 zone due to the recent breakout from its downtrend. Additionally, we are keeping an eye on potential GBP short positions given the impending BoE rate decision and the perceived overbought conditions of the GBP.
Trade safe. Joe.
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