EUR/GBP long-term technical analysis

Brexit has not reached a conclusion yet, UK lawmakers could not reach a majority on a deal with Euro group and this cause confusion to the market. The fear grew and the market started to think the country might be forced Hard-Brexit path. Fortunately, it might not happen as UK MP vote to ban Brexit without a deal.

At the current time, traders and investors might stay sideline waiting for the final announcement of Brexit. Taking positions before the actual announcement might be dangerous. It is better for traders to let the dust settled first before jumping to any positions.

Click here to read previous EUR/GBP long-term technical analysis

New Month

Monthly chart

EUR/GBP fell below 0.8750 at the beginning of the year and the pair continue further lower in March. However, there is a bullish sign where the pair manage to test 0.8750 though could not break above it. The pair is in a neutral situation as the market waiting for Brexit final decision.

We might see a sharp fluctuation between 0.8400 – 0.8750 this month nearing Brexit final announcement.

Weekly chart

EUR/GBP continues drifted lower on the weekly chart but the lower movement receives the same upward movement. It means the pair still has not to settle next direction yet. This month might be the hardest to guess which direction EUR/GBP will move as Brexit reach its final hours.

Daily chart

Practically the pair looks sideways, traded between trendlines. Nothing much to expect at the current time as the pair might continue its compression until the Brexit announcement made.

Trade plan

Waiting for Brexit announcement, 0.8700 – 0.8750 continue to become the level to look for a long-term short position. On the lower part, 0.8400 is the level to watch.