UK Pound v The Euro for 7/05/2019

We last reviewed #GBPEUR back in February, (link here) successfully calculating a target level which has now been achieved. With such levels of political uncertainty, coupled with what often appears wilful political incompetence, we quite genuinely had doubts as to anything actually happening. #BRENT

Now, with the ball kicked down the beach for a while, the calculation allowing for 1.20 next remains valid but the pairing really needs move beyond 1.1810 to give a suspicion the next leg up is beginning. Unfortunately, rather than 1.20, we suspect a future rise shall stall first around 1.1925 before heading to the 1.20 level and an almost certain glass ceiling.

Only once the relationship actually closes above 1.20 shall we dare sing the virtues of 1.240 and beyond.

If trouble is coming, the pair requires weaken below 1.15 to indicate coming travel down to 1.1285. In itself, this is not a particularly scary movement but the real danger shall appear if they close a session below 1.128. Such a scenario runs the risk of triggering reversal to 1.08 initially. This takes the pairing into a zone where 1.03, perhaps even parity, becomes very possible.

For now though, there is considerable hope we shall see moves in the future beyond 1.181, once again strengthening the pound  (to the surprise of everyone!)

FUTURES

3/05/2019 FTSE Closed at 7380 points. Change of 0.39%. Total value traded through LSE was: £ 5,320,179,357 a change of -4.47%

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
9:34:42PM	BRENT	71.38	69.95	68.78	66.75	71.65	71.63	72.055	73.19	70	Success
9:45:54PM	GOLD	1280.49									Success
9:47:28PM	FTSE	7398.86
9:49:58PM	FRANCE	5503.7
9:53:25PM	GERMANY	12328.98	12217	12167.5	12070	12257	12340	12441.75	12486	12240	‘cess
9:56:46PM	US500	2932.37									‘cess
9:59:02PM	DOW	26449.7
10:00:58PM	NASDAQ	7777
10:03:13PM	JAPAN	22089