EUR/GBP Analysis OCT 11 2017

EUR/GBP Analysis OCT 11 2017

11 October 2017, 07:12
Martin Njoroge

-          EUR/GBP Major support is at 0.836 level at the 38.2 Fibonacci retracement level

-          The General trend of the pair has been on an uptrend since 2015

-          The near time trend support lies at the 0.8808 level

-          The pair has formed a resistance

-          Since the trend is bullish I am to long the pair.

-          If you are to enter trade entries at current price level, I’d place my stop just below the weekly trend line support and place my take profit at this year’s highs.




-          The pair is particularly sensitive to Brexit turmoil and monetary policy of the ECB and Bank of England.

-          This week on October 12 we have two major events affecting the pair. The first is at 11:30am GMT: GBP Bank of England Credit Conditions & Bank Liabilities Surveys. The other is at 5:30pm GMT: EUR ECB President Draghi participates in panel in Washington.


Chart have been prepared using xStation 5

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