Technical
1.formation of cup and handle pattern
2.confluence level at 50% and 61.8% fibo retracement
3.TP is at the 161.8 fibo extension using 50% retracement
4.strong pinbar formation rejecting daily SnR level indicates that price might retrace in the upcoming week
Fundamentally
1.If us-china war escalate,flow into the usd might increase thus weakens the euro as euro have an inverse relation with us stocks.
2.GBP have 3 factor to be bearish
a) covid cases are not showing any indicator to subside thus putting pressure to the GBP
b) there is vote to put addition 100m in their QE program
c) BOE admit that negative interest rate is needed
Risk
1.Strong opposition from EU countries on the aid fund
2.Positive brexit deal that favors GBP
1.formation of cup and handle pattern
2.confluence level at 50% and 61.8% fibo retracement
3.TP is at the 161.8 fibo extension using 50% retracement
4.strong pinbar formation rejecting daily SnR level indicates that price might retrace in the upcoming week
Fundamentally
1.If us-china war escalate,flow into the usd might increase thus weakens the euro as euro have an inverse relation with us stocks.
2.GBP have 3 factor to be bearish
a) covid cases are not showing any indicator to subside thus putting pressure to the GBP
b) there is vote to put addition 100m in their QE program
c) BOE admit that negative interest rate is needed
Risk
1.Strong opposition from EU countries on the aid fund
2.Positive brexit deal that favors GBP