How does one Fundamentally Analyse EURGBP in the midst of BrExit.
Good indicator if trading pounds - e.g. right this minute Eur/Gbp is on the rise - caused by Eur buying as witnessed by Eur/Usd - still relatively muted on cable.
Would I buy pounds right now (1.2763) … nope.
And just an update to above - cable has fallen around 20 pips since the post, but now Eur/Usd has stopped whereas Eur/Gbp continues up.
Thus the pound is selling a little - likely on the miss on house prices - would I buy pounds at this now lower price of 1.2742 … nah, soon exit time perhaps
The reason Im asking is that I noticed that THE STRENGTH OF THE US ECONOMY pulls the two Majors (EURUSD and GBPUSD) crossed with the USD in a vortex around OLD SR ZONES and squeezing the Range for ALL THREE PAIRS in a tight trading space.
Its like despite BrExit going against PM May have no weight relative to the Trade Truce between the US and China when I look at Price Action.
The US Economy is struggling and one would expect its Crosses to take advantage of the limbo it caused by the Trade Truce which seem to get shaken during this coming weekend.
With this in mind one then weighs the two Major News that Dynamically influence the Intermediate Bias of all ALL THREE PAIRS (GBPUSD, EURUSD and EURGBP)
Thus I thought the Charts would show that by virtue of BrExit linking both the GBP and EUR , the News that BrExit could be scrapped would favor both the EUR and GBP against a Falling US economy .
Instead what the Action show me is the US held the WORLD HOSTAGE
Hopefully we will see the weeken👀d and the 11th👀 December bring us some Direction🚸
As for me SrLi9…will chill with my Demo and practice some _Baby Moves_🚼
See 2 things with Gbp/Usd in my posts - price was topped this morning on first post and bottomed on second one.
The move was reasonably easier to anticipate because it was not a pound move and there was pound selling involved - pound buying is a little too risky right now.
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