Buy EUR/GBP at 0.8735 COOL TRADE

Buy EUR/GBP at 0.8735 COOL TRADE

 

BUY EUR/GBP At 0.8735  TP: 0.886  SL: 0.8645

Our Analysis

Today’s split decision in the BoE about the rate hike generated a lot of uncertainty around the Pound, and as the market was expecting a hike, that didn’t happen, the currency saw a selloff. Euro has been one inconsequential currency this week in the absence of relevant news.

In the chart, we can see a possible rebound in a support that has been respected since June ’16, where is forming a Dragonfly Doji, and if it is confirmed, so will be our trigger for the buying orders. Also, if you see the RSI indicator is in a level that we haven’t seen since Sept ’16, which is another hint for a relief rally


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