We've got the UK retail sales numbers coming in tomorrow. Based on all recent data I've seen, this number is almost certainly going to be bad. In fact, it might come in at even worse than expected - and bear in mind, the expectations are already quite low.
Based on the past performance of this pair during UK retail sales releases, EURGBP might be a good choice to take advantage of any GBP weakness by going long.
From a technical perspective, we've seen the price action bounce higher recently, confirming each level as being in play. Now we seem to have found support on one of those levels, which could be a launchpad for a bounce higher.
Stochastic is oversold on the 1H time frame, but not fully oversold on the 4H.
I'm trading this with a buy stop limit order to trigger if the price goes above 0.8951. Bearing in mind that UK retail sales releases can sometimes cause a sharp move in both directions, I'm keeping my leverage low and stop wide. Getting whipsawed out is a real risk.
Based on the past performance of this pair during UK retail sales releases, EURGBP might be a good choice to take advantage of any GBP weakness by going long.
From a technical perspective, we've seen the price action bounce higher recently, confirming each level as being in play. Now we seem to have found support on one of those levels, which could be a launchpad for a bounce higher.
Stochastic is oversold on the 1H time frame, but not fully oversold on the 4H.
I'm trading this with a buy stop limit order to trigger if the price goes above 0.8951. Bearing in mind that UK retail sales releases can sometimes cause a sharp move in both directions, I'm keeping my leverage low and stop wide. Getting whipsawed out is a real risk.