Buy the dips in EUR/GBP – Danske Bank

Pablo Piovano FXStreet

Aila Mihr, Analyst at Danske Bank, has recommended buying the European cross on occasional dips.

Key Quotes

“In the majors, GBP saw renewed support yesterday following the higher-than-expected CPI print. We still see risks skewed to the upside for EUR/GBP in the near term targeting 0.88 in 1M”.

“However, investors are still very short GBP according to IMM Positioning Update, 20 March, and as the Brexit risk premium priced on GBP seems to have increased in recent weeks, we see little potential for a break above 0.90”.

“Tactically, we still like to buy EUR/GBP on dips, and think the move lower today is a good opportunity to go long for new test of the March high at 0.87875”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Strongly Bearish	Neutral	High
1H	Bearish	Neutral	Shrinking
4H	Bullish	Neutral	High
1D	Bearish	Overbought	Low
1W	Bullish	Neutral	Low
Updated Mar 22, 10:00 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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