Trading EUR/GBP Triangle – Good Pair to Trade Ahead of NFP

The market continues to exhibit thin trading volume as investors are staying out of dollar related pairs ahead of wide watch NFP data...

Arslan Butt•Friday, July 5, 2019•1 min read

The market continues to exhibit thin trading volume as investors are staying out of dollar-related pairs ahead of widely anticipated NFP data. Consequently, we can trade the forex crosses ahead of the news as it won’t be getting impacted by the NFP release.

For now, we are looking at the EUR/GBP pair which is in highlights due to Brexit and dovish ECB policies. Despite some of this week’s weaker economic stats, the Euro is on a bullish wave against the dollar.

On the technical side, EUR/GBP has tested 0.8980 resistance level. In fact, it has formed a bullish triangle pattern which provides slight support around 0.8950.
50 periods EMA stays around 0.8960, supporting the FX pair at the same level.

Support Resistance
0.8962 0.8982
0.8952 0.8991
0.8933 0.9011
Key Trading Level: 0.8972

Considering the neutral and sideways nature of the market, we have entered a sell position under 0.8964 along with a small stop loss of around 0.9004 and take profit of 0.8934.

Good luck with that.!

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.