Shorting EURGBP at 0.8368 after this morning's data
200 Hourly EMA providing technical resistance
Running into a cluster of previous volume areas
Overall recent trend is still bearish .
Despite the data this morning giving GBP a push lower , this move appears way too aggressive for the data and likely more position covering than fundamental given that :
Bank of England still expect inflation to peak at 3.75% in Q3
Energy , Tarriffs and general uncertainty in the market
Some analyst still calling for 4% in April and May
I think perhaps a high probability reversal here from the overstretch -as always I'll look for a quick trade with good risk reward .
Stop 0.8392
Entry 0.8368
Target 0.8328
E.
200 Hourly EMA providing technical resistance
Running into a cluster of previous volume areas
Overall recent trend is still bearish .
Despite the data this morning giving GBP a push lower , this move appears way too aggressive for the data and likely more position covering than fundamental given that :
Bank of England still expect inflation to peak at 3.75% in Q3
Energy , Tarriffs and general uncertainty in the market
Some analyst still calling for 4% in April and May
I think perhaps a high probability reversal here from the overstretch -as always I'll look for a quick trade with good risk reward .
Stop 0.8392
Entry 0.8368
Target 0.8328
E.
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