The EURGBP bounced towards POC zones after Carney’s comments today that BOE will hike the rates but not anytime soon and when it happens it will have a limited topside. Adding to that he also stated that credit growth is not a debt fuelled boom at this moment which is a positive for GBP.
I still think that EURGBP could be sold on rallies and we need to pay attention to 2 POC zones. The first POC comes in 0.7060-80 zone (E89, H4, 38.2, inner trend line, historical breakout/retest) ad if the price proceeds above then it could reach POC2 in the 0.7100-10 zone (H5, 61.8, inner trend line) A rejection from POC zones should target 0.6980 and ONLY a break of 0.6980 opens the door for 0.6950 and 0.6905. Breakout setup is valid below 0.6980 as we can spot 5 times bottom with L3 weekly cam pivot.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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