EURGBP Revisited
Is it time to look at EURGBP again? Following today's larger than expected fall in inflationMarkets are now fully pricing a BoE rate cut of of 25-bps in November, while partly (not) fully pricing another 25-bp cut in December. These are not a lot of rate cuts and that is why GBP has retraced most of its losses from earlier today. This, however, can also be a source of upside opportunity for EURGBP longs (pros call it non-priced Upside risk). The monthly chart below, strictly from a technical stand point, displays an analogous pattern with September/November 2007 (yes, again with the 2007 fractals), suggesting potential upside from a price and RSI stand point. Let's keep this in our radar and will update the WhatsApp Bdcast Group members on it into upcoming 3 weeks.
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