EURGBP 10/05/2020

EURGBP 10/05/2020

EUR: (WEAK)

European Central Bank - Europe's monetary policy outlook remains key to EUR's fundamental outlook. EUR is likely to be supported when the ECB holds a hawkish stance and begin tightening policy, but come under pressure when the central bank holds a dovish stance and is expected to ease policy.

Month-End Flows - During the last few trading days of every month, EUR is usually influenced by month-end flows as banks and institutions rebalance their books and settle transactions. Although not always the case, more often than not, month-end flows tend to be EUR positive, especially against GBP.

GBP: (WEAK)

GBP has weakened substantially since the coronavirus outbreak began with GBPUSD reaching lows not seen since 1985 in March as the market's strong risk-off tone and the UK's large current account deficit resulted in many participants moving out of GBP and into safer currencies - most notably USD.

Bank of England - Monetary Policy in the UK remains highly influential to GBP's fundamental outlook. Expectations for policy tightening should prove GBP positive, while expectations for policy easing should prove GBP negative.

Structuration Of The Plan:

-Wait for BreakOut and be ready for shifts in market sentiment
-There are two options for BreaOut (Analyze the odds of each one)
-Personally I'm Bullish
-Good Levels For Long:
-0.8725 - 0.87000 (Initial Entries)
-0.8760 - 0.87800 (After BreakOut)
-Stop Loss Should Be at: 0.86700
-Initial Tps:
-0.88150 (TP-1)
-0.88400 (TP-2)
-0.88625 (TP-3)
-For Swingers Tps:
-0.88625 (TP-1)
-0.89250 (TP-2)
-0.89500 (TP-3)
-0.89750 (TP-2)
-0.90000 (TP-4)

Comment:

-Initial Tps:
-0.88150 (TP-1)
-0.88400 (TP-2)
-0.88625 (TP-3)

Smashed +200

-For Swingers Tps:
-0.88625 (TP-1) DONE!
-0.89250 (TP-2) DONE!

Comment:

-Initial Tps:
-0.88150 (TP-1) DONE!
-0.88400 (TP-2) DONE!
-0.88625 (TP-3) DONE!
-For Swingers Tps:
-0.88625 (TP-1) DONE!
-0.89250 (TP-2) DONE!
-0.89500 (TP-3) DONE!
-0.89750 (TP-2) DONE!