EUR/GBP - trade opportunity

British finance minister Philip Hammond has just warned that if Britain leaves the EU without a deal, the UK would need to enforce controls on the Irish border. Such action might give rise to violence across the border.

These kind of uncertainties in the Brexit drama, more often than not, create opportunities for trading the GBP.

As we can see from the chart above (4 hour), EURGBP has been nicely following a downtrend patter which was broken after these comments.

I think this provides a good opportunity for a short-term trade on the upside. What do you all think?

Target 0.893 (after 50 MA)

2nd target 0.895 (200 MA acting as resistance)

Stop Loss 0.888 (below 20 MA)

 

 

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