EURGBP - TRADE IDEA ON LONG SIDE FOR HUGE PROFITSymbol - EURGBP
EURGBP is currently trading at 0.8272
I'm seeing a trading opportunity on buy side.
Buying EURGBP pair at CMP 0.8272
I will be adding more if 0.8245 comes & will hold with SL 0.8225
Targets I'm expecting are 0.8345 - 0.8370 & above.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
EURGBP
EUR GBP SHORTSEPT #4
Risk 0.5%
TP1 = 1:2 RR
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description.
EUR/GBP short idea EUR/GBP has rallied on the one hour timeframe after forming a bullish divergence on the chart. It is now back to a very strong resistance zone. The pair is already looking quite stretched and with a strong resistance nearby it is quite likely to retrace from here for a decent trade.
EURGBP Expectations: UK Inflation and BoE's Decision this Week EURGBP Expectations: UK Inflation and BoE's Decision this Week
On Monday, the pound reached its highest level against the euro in 10 months, at 85.25 pence, as investors await the British inflation data and the upcoming Bank of England decision. However, the currency pair quickly rebounded to the support level of the previous week, at 85.42 pence, but is perhaps now tracking down again.
In recent weeks, the sterling has experienced a rallied against the EUR and USD (particularly against the USD, marking its largest weekly gain since December 2022). This surge can be attributed to economic data suggesting that inflation in Britain is more persistent compared to the United States and Europe. As a result, traders have started factoring in more interest rate hikes from the Bank of England, leading to increased yields on British government bonds and bolstering the pound. Additionally, investors' expectations have been heightened by recent data showing a faster-than-anticipated growth in British wages.
Currently, the pound is down 0.26% against the dollar, trading at $1.278. However, it remains close to the 14-month high of $1.285 reached on Friday.
British inflation data is scheduled to be released on Wednesday. Economists predict that the headline Consumer Price Index will have slightly cooled to 8.5% year-on-year, down from 8.7% in April. However, they anticipate that the core CPI, which excludes volatile food and energy costs, will remain steady at 6.8%. If these figures align with expectations, the pound could strengthen further due to the anticipation of additional interest rate increases by the Bank of England. Nevertheless, any unexpected results could introduce volatility into the market, and perhaps validate the recent rebound in the EUR.
On Thursday, the Bank of England will announce its decision on interest rates, with investors and economists expecting a 25 basis point hike to 4.75%. There is little uncertainty surrounding this decision, so traders will closely examine the bank's forward guidance. Indications of future interest rate hikes are likely to bolster the GBP.
EURGBPFOREXCOM:EURGBP
...............here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more SMC to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied...
Possible Breakdown In EURGBP | EURGBP AnalysisThe current market price of EURGBP is sitting at support area.
Considering the previous Daily price action, the price is forming lower highs into the support area which means buyers are not strong enough and sellers are rejecting any jump in price.
The current price actions is forming a DESCENDING TRIANGLE, which is a bearish pattern. But it will be activated only when the Daily candle closes below the neckline of triangle, which in this case is the support area of 0.8718-0.869
Once, the daily candle closes below the support range, we can expect price to keep falling till 0.855, unless, the next daily candle closes back above the support resulting in FAKE BREAKDOWN/FALSE BREAKDOWN/BEAR TRAP.
HOWEVER, since price is at support, price may bounce.
On going to Lower Time Frame of 30 minutes, i see a double bottom pattern which is a reversal pattern. If the pattern breaks out, i expect the price to move up. Falling trendline may act as a resistance, so make sure to book profits before that.
CONCLUSION-
1. Price is at support and may bounce. 30 min double bottom has been formed. Breakout of pattern may result in jump in prices
2. If Daily candle closes below the support range of 0.8718-0.869, expect prices to fall till 0.855
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
EURGBP Setup in progress , if breakout this go for LongEURGBP testing the trendline while it has already broken in OCTAFX broker , check it out with focus
Take a long postion with a risk/reward ration of 1:3 .
Also COT data is in favor:-
EUR - 163,338 Net positions
GBP - 2,398 Net positions
While many short positions has been closed in GBP , but it still may go long before a reversal
EURGBP sell at 0.87947 . Downward movement with Risk:Reward 2.6Hey Traders, hope you all are enjoying our ideas and analysis. Let us discuss EURGBP here.
We can observe Breakout from the parallel channel in 30 minutes timeframe.
We came up with Sell Trade with Risk:Reward ratio is 2.6 .
Sell at 0.87947, with SL 0.88196 and Target 0.87330.
NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
NOTE: RESPECT The risk. SL should not be more than 2% of the capital.
Happy Trading
EUR/GBP buy to sell idea market after filling the 4h supply selloff heavily broken some significant structures downside left open heavy imbalance above so my idea is just to buy from a point of interest to fill those imbalance then to sell with confirmation.
as you can see from the picture that market after filling the 4h imbalance below hold it and show some nice rejection but it is not yet given any significant structures break so wait for that 1h structures break after that look for buying opportunity with lower time frame confirmation.
for target i have market a final key imbalance which is 0.89270
if target was filled then look for swing selling opportunity from there with confirmation
target for this would be around 0.86912
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EURGBP Trading Plan - 30/Nov/2022Hello Traders,
Hope you all are doing good!!
I expect EG to go Up after finishing this correction.
Look for your BUY setups.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea