The EURGBP looks like it is on track to break above 0.90 resistance level, which was last breached in September 2017.
If the trade setup is completed (breaking strongly above 0.90), I anticipate a massive move towards 0.93
For this to happen, we need either the GBP to weaken, possibly due to Brexit uncertainty, or the EUR to strengthen, possibly arising from better economic data and more hawkish ECB.
However, we have the ECB rate decision and press conference tomorrow.
Prudent thing to do, will be to wait for the news, identify a directional bias, and confirm resistance has been broken.
If the trade setup is completed (breaking strongly above 0.90), I anticipate a massive move towards 0.93
For this to happen, we need either the GBP to weaken, possibly due to Brexit uncertainty, or the EUR to strengthen, possibly arising from better economic data and more hawkish ECB.
However, we have the ECB rate decision and press conference tomorrow.
Prudent thing to do, will be to wait for the news, identify a directional bias, and confirm resistance has been broken.
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