Trying EURGBP lower here.
We seem to still be following the moving averages down, nice double top above to let us know when we are wrong as well.
The narrative to me see to still suggest lower. IFO data came in worse than expected earlier and i expect this to continue, HICP data is coming out later this week and i expect this to continue to push lower as well. Meanwhile UK inflation is still very high and the BoE is still looking to raise rates to reduce inflation, this should see a continued move lower in the pair.
We are also in the last week of the month and GBPUSD tends to do well in months where stocks also did well.
sentiment and positioning are relatively neutral so not much to say there.
Not trading/investment advise, feedback welcome!
We seem to still be following the moving averages down, nice double top above to let us know when we are wrong as well.
The narrative to me see to still suggest lower. IFO data came in worse than expected earlier and i expect this to continue, HICP data is coming out later this week and i expect this to continue to push lower as well. Meanwhile UK inflation is still very high and the BoE is still looking to raise rates to reduce inflation, this should see a continued move lower in the pair.
We are also in the last week of the month and GBPUSD tends to do well in months where stocks also did well.
sentiment and positioning are relatively neutral so not much to say there.
Not trading/investment advise, feedback welcome!