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EUR/GBP Signal - Sentix Investor Confidence - 09 Jan 2017

Signal details
Entry Price: 
0.8620
Close Price: 
0.8690
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
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EURGBP opened Monday's session on a strong bullish note as the British pound turned weaker at the open. Economic data from the eurozone included the German industrial production figures which showed a 0.4% increase on a month over month basis in November. This was below forecasts of 0.7%, but October's print was revised higher to show 0.5% increase. The euro is currently seen trading stronger as the British pound fell on fresh comments by PM Theresa May who reiterated her commitment to leading the nation out of the EU.

EURGBP is seen rising to a one-week high and further bullish bets are likely to see more gains coming from the euro against the pound. In the near term, expect to see a quick pull back to 0.8620 which makes for an ideal price level to purchase daily CALL options for an end of day expiry at 21:00 GMT. The basis for the bullish view is in anticipation of a pull back in the short term ahead of further gains which shows that the medium term trend is to the upside.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.