In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we simply say, “look at the pound go!”
This is because yesterday afternoon, the UK and Irish governments have seemed to unilaterally agree on some arrangement which looks like the UK will secure a Brexit deal before the 31st Oct. deadline. We have mentioned many times that if there is support for a soft Brexit or article 50 to be revoked, cancelling Brexit altogether, then it was always likely to be very supportive towards the pound.
This is what we are looking to trade. As we look at the EURGBP market, we can see that yesterday’s low of 0.8830 is also where the 200 period moving average sits. This is interesting because we are looking to get into this market below the 200 period moving average. This is in the hope that it will become a strong level of resistance if we see a pullback.
Look at the Pound Go! – Full Video Analysis
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