EURGBP Higher
i think we see eurgbp move higher throughout this year for the most part.
we've come out of the 200 DMA downtrend and held the break pretty well yesterday, we've also got a nice hammer on the daily chart suggesting rejection of the prior range.
The UK CPI came in hot yesterday which i think gives further worries about the stagflation narrative for the UK and it also adds to the BoE being stuck in a position of needing to raise rates with an economy that's slowing down. We've also still got a little too many BoE hikes priced in currently in the market.
The EU narrative seems better to me, a more hawkish ECB talking about raising rates soon could help keep the EUR stronger than the GBP.
We are very short on the GBP right now but we did have a bit of a washout yesterday and i can't see too many reasons for the market to buy the GBP other than it being extremely short.
Not trading/investment advise, feedback welcome!
we've come out of the 200 DMA downtrend and held the break pretty well yesterday, we've also got a nice hammer on the daily chart suggesting rejection of the prior range.
The UK CPI came in hot yesterday which i think gives further worries about the stagflation narrative for the UK and it also adds to the BoE being stuck in a position of needing to raise rates with an economy that's slowing down. We've also still got a little too many BoE hikes priced in currently in the market.
The EU narrative seems better to me, a more hawkish ECB talking about raising rates soon could help keep the EUR stronger than the GBP.
We are very short on the GBP right now but we did have a bit of a washout yesterday and i can't see too many reasons for the market to buy the GBP other than it being extremely short.
Not trading/investment advise, feedback welcome!
Nota
taking this out here makes sense, huge move higher which i think could be over done
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.