The markets are expecting a rise from 1.25% to 1.75% in the UK base rate. Anything less than expected could cause some weakness in GBP.
An interesting setup that I have been focusing on is a potential EURGBP long position. We have a Fibonacci confluence level at 0.8313. This will complete a bullish technical cypher pattern known as a Gartley, often resulting in a move to the upside.
EUR/GBP daily chart
Let us look at the single currency baskets.
Completed a bullish cypher pattern know as a Butterfly formation.
Close to a resistance zone that ‘could’ form the start of a bearish leg (BC) of a large cypher Crab formation.
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